Money laundering speculations: MCX under ED’s scanner over illegal commodity trading from Sikkim

Multi Commodity Exchange (MCX) has come under the scanner of the Enforcement Directorate's (ED) preliminary probe with regards to illegitimate trading from Sikkim, Tarun Sharma of Zee Business said in an exclusive report on Monday. 

Citing sources, Tarun, said, "Non-Sikkim people (traders) have taken advantage of tax exemption, and ED has sought information from MCX in this matter amid speculations of money laundering.

According to the notification, Sharma said, Sikkim comes under Sikkim tax rebate. He added, as per sources, at least 5.6 per cent of total traders in March are from Sikkim, and ED has asked the data of the same from the commodity exchange.

Besides data, it has also asked for KYC (Know Your Customer) of traders from the exchange, Sharma further said quoting sources.

#ZBizExclusive | ED की जांच के घेरे में #MCX

सिक्किम से होने वाली कमोडिटी ट्रेडिंग की जांच
ED ने शुरुआती जांच शुरू की
गैर-सिक्किम के लोगों ने टैक्स छूट का फायदा उठाया
ED ने MCX से इस मामले में जानकारी मांगी

जानिए पूरी खबर तरुण शर्मा से...@talktotarun @MrituenjayZee pic.twitter.com/0ADxx8k3D4

— Zee Business (@ZeeBusiness) April 25, 2022

Moreover, two-three brokers of West Bengal are also on the radar amid this illegal trading, he said. West Bengal is a neighbouring state of Sikkim.

MCX has declined to make an official comment when contacted for clarification. However, sources said, the exchange gets traders’ information through the broker and there is no direct way of getting their information, and also difficult for them to curb it.