CBI REGISTERS A CASE AGAINST THEN MD OF PRIVATE COMMODITY EXCHANGE; FOUR FORMER CHAIRMEN OF FORWARD MARKET COMMISSION & OTHERS; CONDUCTS SEARCHES AT NINE PLACES


Press Release
New Delhi, 23.03.2018

The Central Bureau of Investigation has registered a case against then MD of Mumbai based private commodity exchange & two private companies including said commodity exchange; four former Chairmen of Forward Market Commission; then Dy. MD of Mumbai based private exchange; then Deputy Director, Market Commission; then Senior Research Assistant, FMC, Mumbai; then SRA, FMC, Mumbai & unknown others under sections Sec. 120-B of IPC r/w. Sec. 420 of IPC and U/s. 13(2) r/w 13(1)(d) of the Prevention of Corruption Act, 1988 on the allegations that the accused officials of Forward Market Commission (FMC) had facilitated the private commodity exchange in getting the Nationwide Multi Commodity Exchange status, even though the said commodity exchange was not fulfilling the stipulated criteria. It was also alleged that then MD and said private compancy illegally retained shares beyond the permissible 26% till 2012 and thereby derived wrongful gain of Rs.137 crore(approx.) by selling 26,41,715 excess shares at a rate of Rs.1032/- per share. .

Searches have been conducted today at 9 residential & office premises of accused persons in Mumbai, Gwalior and Shimla which led to recovery of several incriminating documents.

Investigation is continuing.

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