New Delhi: The Enforcement Directorate (ED) on Wednesday said that they conducted searches at eight locations in Sikkim, Kolkata, Delhi and Mumbai in the Sikkim Multi Commodity Exchange of India Limited (MCX) fraud case.
The locations include various premises of Limited Liability Partners (LLPs) in Sikkim, which were controlled by brokers trading in MCX and National Stock Exchange (NSE) in Kolkata and Delhi.
The ED official said that a total amount of Rs 4.65 crore was frozen from the bank accounts of brokers that corresponded to the undue gain availed by such brokers by illegally availing stamp duty exemption.
"Premises of various stockbrokers in Delhi and Mumbai, where many fake Sikkim-based traders were registered, were also searched. Incriminating evidence relating to such traders was found," said the ED official.
The ED initiated the money laundering investigation on the basis of the FIR lodged on May 17, 2022 by the Sikkim Vigilance Police Station against unknown persons and companies based on a complaint filed by a resident of Gangtok, Sikkim.
It was alleged in the FIR that the disproportionate data in MCX trading from Sikkim is highly doubtful and some LLP companies and private individuals and traders from other States of India are doing high frequency MCX trading either using the identities of Sikkim residents or using co-location of Sikkim illegitimately for taking undue advantage of the Income Tax and Stamp Duty exemption given to the people of Sikkim. Further investigation in the matter is on.