IT Probing money laundering angle in MCD searches

Mumbai, June 19 (UNI) Income Tax Authorities today carried out nation-wide search operations at the Multi-Commodity Exchange (MCX) premises in Delhi, Mumbai and Ahmedabad and offices of several commodity brokers across the country in conection with some alleged ''dubious transactions'' in the MCX.

Simultaneously, the IT authorities raided 15 premises in the city allegedly belonging to a NRI, Abu Bakr, who is said to be a major back-door player in the commodity market and suspected to be involved in money laundering.

According to a higly-placed IT sources, the searches that were carried out today at the MCX premises were aimed at tracing some suspected transactions by Abu Bakr, who is said to be on the US-watch list also.

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

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

UNI