EOW to probe 'black trade' allegation against NCDEX

Malabar Garbled 1 black pepper, traded on the exchange, was allegedly mixed with mineral oil

Economic Offenses Wing (EOW) today said that they are going to start a preliminary inquiry on National Commodity & Derivatives Exchange (NCDEX) on the black pepper traded on the commodity exchange as an FIR was filed by Vineet Chopra.

The complaint was that Malabar Garbled 1 black pepper which is traded on the exchange was mixed with mineral oil.

NCDEX has said that the exchange has not received any query or correspondence from any police authority but added that, “It appears that the complaint has been filed by Kalimirch Vyapari Association (KVA) comprising several entities who traded in the Pepper futures contracts traded on the Exchange platform.
 

The association is representing the interest of a cartel comprising of Betul Oil Ltd & related entities, against whom investigation for market manipulation is in progress.”