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MCEx scam probe underway: Sikkim CM Tamang

The ED has begun probing into illegal trading from Sikkim which could have churned commodity trade worth more than Rs 46,000 crores in the month of February.

Sikkim Chief Minister Prem Singh Tamang today said that a probe into the Multi Commodity Exchange scam is underway.

Briefing newspersons, Chief Minister Tamang said that the government soon after coming across reports of the scam, had necessary directives to the state vigilance department to probe the matter.

Meanwhile, the CM also hailed the move made by the BJP for demanding a CBI probe into the multi-billion-dollar scandal. Tamang termed the BJP’s move as a welcome step that has been taken for the well-being of the state.

The Enforcement Directorate has begun probing into illegal trading from Sikkim which could have churned commodity trade worth more than Rs 46,000 crores in the month of February alone.

The ED believes that according to the notification issued by the government, the people there have got an income tax rebate. But with the credentials such as ID and password of the people there, many people are trading in commodities and income tax is being evaded from it.

This case can also extend to money laundering and for this reason, ED has initiated an investigation. The ED has asked for complete data from MCX, in which it has been asked about the kind of trade being done or whether there is any KYC pass for these traders or not. Only 5.6 percent of trade has come from Sikkim in the month of February.

Apart from this, two-three brokers of West Bengal are also under the clutches of ED. At present, in the information received by the ED, it has come to the fore that there are many brokers from West Bengal, who have used this facility and have done big trades on MCX.

It has been revealed that the market share of Sikkim-based traders on the Multi Commodity Exchange rose up to 5.5% when it had been nil a few years ago. Out of the total volume churned of over 110 billion dollars witnessed by the MCX, Sikkim’s share was 6 billion dollars.

First Published: 28th April, 2022 18:28 IST

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