MUMBAI, Oct. 21 -- The Bombay High Court has ordered the release of three city residents, saying they had been charged under the wrong penal sections for allegedly running a 'dabba trading' racket, which involves illegal trading in securities. The accused-Viral Parekh, Sohanlala Kumawat, and Jigar Sanghvi-were arrested on October 6 following a raid at a flat in Kandivali West. According to the police, Kumawat and Sanghvi were involved in dabba trading at the direction of Parekh. The trio is accused of using a website to execute illegal transactions on behalf of at least 22 clients. They were then charged with cheating and criminal breach of trust under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), claiming that the illegal trading activities had resulted in a loss to the state exchequer. A day after their arrest, the accused approached the high court, challenging the charges against them and contended that the police had wrongly booked them under sections relating to cheating and criminal breach of trust, as the alleged offences fell under a different law. Justice NJ Jamadar, hearing their plea last week, agreed with the argument, observing that the Securities Contracts (Regulation) Act, 1956 (SCRA) specifically addressed the offences allegedly committed by the trio and the crime branch wrongly charged them under the Bharatiya Nyaya Sanhita. Subsequently, the court granted bail to the trio, on a bond of Rs.50,000 each....