The central bureau of investigation has registered a case against 17 accused including gold exporters and chairman of Pen Cooperative Urban Bank Ltd., besides the unknown officials of Mineral Scrap Trading Corporation (MSTC), a government of India enterprise under union ministry of steel, New Delhi and Pen Cooperative Urban Bank Ltd., who cheated the MSTC to the tune of Rs.480 crores (approx). MSTC having the corporate office at Kolkata is a trading corporation involved in imports & exports and is a nominated agency for gold exports under F.T.P (Foreign Trade Policy).

It is alleged that in the year 2008-09, accused exporters fraudulently exported gold jewellery worth Rs.600 crores to various buyers in UAE.  In lieu of this export, MSTC gave advances worth 80% of the value of the invoice viz. Rs.480 crores to the aforesaid associate suppliers through Real Time Gross Settlement (RTGS) in their nominated bank accounts.  However, as stipulated, the proceeds of export, which were to be received within 170 days from the date of export have not been received till date.