In the Sikkim Multi Commodity Exchange (MCX) fraud case, the Enforcement Directorate (ED) on Wednesday searched eight locations in Sikkim, Kolkata, Delhi, and Mumbai.
The locations include multiple Limited Liability Partners (LLP) premises in Sikkim that were under the control of brokers who traded on the MCX and NSE in Delhi and Kolkata. Brokers’ bank accounts were frozen after they benefited illegally from stamp duty exemption. There was Rs. 4.65 crore in these accounts.
Further, the offices of many stockbrokers in Delhi and Mumbai, where many fake traders with residences in Sikkim were registered, were searched. Evidence that linked these traders was found.
On the basis of a FIR filed by the Sikkim Police against unknown persons or companies in response to a complaint made by a resident of Gangtok, Sikkim, the ED opened a money laundering investigation.
It was claimed that Sikkim’s disproportionate MCX trading data is highly dubious and that some LLP companies and private individuals/traders from other Indian states are trying to engage in unauthorised co-location with Sikkim or trying to engage in high-frequency MCX trading in order to unjustly profit from the state’s residents’ exemption from income tax and stamp duty.
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