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The Mumbai Metropolitan court directed the Mumbai police to investigate the complaint filed by MCX and National Spot Exchange investor Ketan Shah alleging siphoning of funds by the promoter and senior management of MCX.
In a two-page order, DB Patange, Addition Chief Metropolitan Magistrate said perusal of the compliant with support document reveal that the fraud is systematic and premeditated in the commodity market of Mumbai.
“I have gone through the complaint and supporting documents. Considering the nature of allegation of criminal breach of trust and gravity of charge levelled against the accused, a thorough investigation should be made to unlesh the truth,” he said.
Quoting the PricewaterhouseCoopers India audit report on MCX, Shah has alleged that the entire board and senior management of MCX have siphoned off Rs 900 crore from the exchange and requested the police to investigate the fraud separately.
The court has ordered the police to forward the complaint to MIDC Police Station in Andheri for investigation and submit a report at the earliest.
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