3 held for allegedly running racket in betting on future

Delhi Police today arrested three men and claimed to have busted a racket involved in illegal betting on rates of commodities like gold in future trading.
The arrested have been identified as Krishan Aggarwal (43), Vishal (33) and Manish Jain (38), Ravindra Yadav, Additional Commissioner of Police (Crime), said.
Cash to the tune of more than Rs 4.70 lakh, laptop, television, calculators, note pads, mobile phones and documents showing transactions of crores have been recovered allegedly from their possession.
"About 2,000 shopkeepers placed bets and about 20-25 persons are involved in running illegal betting racket in Kucha Mahajani in Chandni Chowk.

"This racket was found to be involved in betting on gold, silver and copper and bets of Rs 20 to 30 crores were placed daily by the gamblers with these accused persons on telephone, as well as, in cash," Yadav said.
They were allegedly running the racket for the past two years.

There are certain guidelines laid down by the government which governs the trading in Multiple Commodity Exchange.
To overcome the norms, the accused allegedly operated the racket in which the gambler would place the bet on the rates of gold and silver on telephone as well in cash on the online rates. The online rates of MCX were provided by the local cable TV network to the accused.

"The cable operator relays the online rates running on his computer as a client and broadcasts the video of computer screen through cable to all shopkeepers in Kucha Mahajani," Yadav said.
Multi Commodity Exchange of India Ltd (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes, palm oil and others). It is regulated by the Forward Markets Commission. The highest traded item is gold.