Kolkata, Aug 11 - The vice president of leading share trading firm Indiabulls Securities was arrested Tuesday for allegedly trading illegally by accessing the online trading account of a chartered accountant here.

Deputy Commissioner (Detective Department-1) of city police Jawed Shamim said Siddhartha Daga, 26, had hacked into Arunava Chakraborty's online trading account with the firm Aug 6 and shortsold a particular scrip through the day at various price levels.

At the end of the day, the net loss to Chakraborty's account was Rs.4.6 million.

'He had traded illegally. Due to him, Chakraborty suffered a net loss of Rs.4.6 million. Daga personally gained a part of the money,' Shamim told IANS.

The young executive gained with 20,000 shares of the scrip in his own trading account with another firm, he said.