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Thursday, May 6th, 2021

CBI Registers a Case Against Two Owners/Director of Indore Based Company and Others Relating to an Alleged Embezzlement of Money and Tax Evasion

            The Central Bureau of Investigation has registered a case against two Owners/Director of Indore (MP) based company and others U/s 420 of IPC and 66-A, 66-D of IT Act, 2008 relating to alleged operation of unauthorized Commodity Exchange at Indore(MP)on the request of Madhya Pradesh Government.
            It was alleged that the accused persons had been running commodities trading (buy and sell) activities in Multi Commodities Exchange, Mumbai by using unauthorized software and providing User ID & Password to their clients. However, when the clients checked their trading account balance, profit was not reflected in their accounts and even the deposit money were not reflected in their trading accounts. Further, the trading details were also not registered with MCX due to distribution of fake MCX User IDs and Passwords to the clients. As a result, the accused persons had allegedly caused loss of Rs.16 lakhs (approx) to their clients as well as to the Govt. of India by way of tax evasion.
            CBI took up the investigation which was earlier registered U/s 420 of IPC and 66-A, 66-D of IT Act, 2008 at Cyber and Hitech Crime Police Station, Bhopal(MP).
            Further investigation is continuing.



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