Beware of commodity trading through phone applications!
CBI has busted a racket of two persons who were allegedly defrauding people by offering them to trade in the MCX using their company's phone application which was actually connected with a local exchange.
Amit Soni and Anurag Soni of Indore had sold this application to number of people. These people came to know that while they were able to trade, money exchange was not properly taking place.
These victims complained to the state government which referred the matter to CBI.
"It was alleged that the accused persons had been running commodities trading (buy and sell) activities in Multi Commodities Exchange, Mumbai by using unauthorised software and providing User ID and Password to their clients," CBI spokesperson said.
She said when the clients checked their trading account balance, profit was not reflected in their accounts and even the deposit money were not reflected in their trading accounts.
"Further, the trading details were also not registered with MCX due to distribution of fake MCX User IDs and Passwords to the clients. As a result, the accused persons had allegedly caused loss of Rs 16 lakhs (approx) to their clients as well as to the government by way of tax evasion," she said.
The agency registered a case against Arun Soni and Anurag Soni for cheating and violation of the Information Technology Act, 2008 relating to alleged operation of unauthorised Commodity Exchange at Indore (MP)on the request of Madhya Pradesh Government.
