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Sikkim MCX securities trading: Enforcement Directorate begins probe

The Enforcement Directorate has begun the preliminary probe into the Multi Commodity Exchange scam from Sikkim that could have churned commodity trade worth more than Rs 46,000 crores in the

The Enforcement Directorate has begun the preliminary probe into the Multi Commodity Exchange scam from Sikkim that 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.

ED has asked about the complete data from MCX, in which it has been asked about 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.

First Published: 26th April, 2022 16:27 IST

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