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Sikkim MCX scam: ED sends notice to 3 Silliguri based businessmen

The names of three businessmen are Kishan Aggarwal, Manish Aggarwal, and Dinesh Aggarwal from West Bengal's Siliguri have surfaced in the scam so far.

In a major update on the alleged multi-billion dollar Multi Commodity Exchange or MCX scam in Sikkim, the Enforcement Directorate has sent notices to three prominent businessmen in Siliguri.

As per reports, the names of three businessmen are Kishan Aggarwal, Manish Aggarwal, and Dinesh Aggarwal from West Bengal’s Siliguri have surfaced in the scam so far.

It may be mentioned here that the Enforcement Directorate has begun a preliminary probe into the illegitimate trading from Sikkim after a report revealed that traders from the state could have churned commodity trades worth over 46,000 crores.

Apart from tax evasion, the ED is also probing the matter from the angle of money laundering as 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.

Earlier, the Himalayan state of Sikkim witnessed commodities trade of over 6 billion dollars.

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

In a previous incident in the n 1980s, crores of rupees were apparently laundered in Sikkim in the name of gifts that the Local players were sending to non-Sikkimese “friends”. Those involved are believed to be taking advantage of lax tax provisions in the state.

First Published: 1st May, 2022 15:33 IST

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