In a shocking revelation that vindicated the findings of the India Today sting operation on leading satta operators in major commodity markets, the raids in Mumbai and Delhi uncovered a plot by importers to push up prices of three more pulses in the coming year.
India Today had learnt that importers were already planning to manipulate prices of masoor, matar and mustard oil.
Sources involved in the investigations said the importers and traders were illegally maintaining two kinds of records, one official and another illicit, for all trades and transactions.
Pushing the price of pulses: Importers were planning to manipulate the cost of masoor, matar and mustard oil
The investigating officers are poring through these unofficial record books to find evidence of illegal trading and price manipulation.
Sources also said that Canadian lentil imports were going to be held back so that prices could be spiked by February and March.
While prices of mustard oil have been inching upwards in the last few weeks, traders were planning to accentuate the shortfall and take the prices up to Rs 200 by February and March 2016.
Yellow peas or matar is not traded on NCDEX (National Commodity and Derivatives Exchange Limited), but traders were planning to hold back supplies to create an artificial scarcity.
Senior officials involved in the investigation largely credited Prime Minister Narendra Modi for exhibiting a ‘lightening quick' will to act in the matter.
The Intelligence Bureau (IB) had submitted similar reports to the previous UPA government after onion prices had sky-rocketed, but the government had reportedly showed no will to take action.
Major trading houses are accused of working as a cartel, illegally holding stock, delaying imports, amplifying scarcity, manipulating prices.
Also, the role of senior NCDEX officials is also under scanner for operating in cahoots with the satta operators and manipulators, and not doing the due diligence expected from the regulatory body.