Prosecution in Dabba trading based on inadmissible piece of evidence is liable to be quashed

Swapnil Bhatt Vs Central Bureau of Investigation (Madhya Pradesh High Court) Madras High Court held that confirmation of Dabba trading is based on inadmissible piece of evidence. Accordingly, prosecution becomes a futile exercise and hence quashed. Facts- During the investigation, MCX informed that ‘Moneyhouse Commodities Pvt. Ltd.’ was its registered member with member ID 40855 and was legally authorized for ‘Forward Trading’ and that using its platform, had ‘Forward Trades’ turnover of Rs. 22,635.37 crores and earned profit of Rs. 1,68,54,905/- during 2011-13. According to the in...