IT authorities conduct raids on NRI's premises

Mumbai, June 19 (UNI) Income Tax (IT) authorities today conducted raids on 15 premises, allegedly belonging to NRI Abu Bakr, one of the major back-door players in the future trading of the commodities market, in connection with a possible money laundering case.

According to a highly-placed IT official, the searches that were carried out at the Multi Commodity Exchange (MCX) premises were aimed at tracing some suspected transactions by Bakr, who is said to be on the US-watch list also.

''We found that some of his transactions were not genuine and suspect it to be a case of money laundering,'' the official told UNI this evening.

Prices in the commodity markets had sky-rocketed recently and the raids seem to be a follow-up action, some traders opined.

Earlier, the MCX had issued a statement saying, ''the Income Tax Department had carried out routine investigation at its offices in Mumbai.'' ''We have complied with all rules and regulations and all laws of the land,'' the statement added.

The statement came in the wake of the nation-wide raids carried out by the Income Tax authorities at MCX offices, and offices of several commodity brokers.

UNI