Seventeen gold exporters, officials of a cooperative bank and the Mineral Scrap Trading Corporation have been booked for cheating the trading body of Rs480 crore.

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MSTC is a nominated agency for gold exports under the foreign trade policy.

Investigators found in 2008-09 the accused exporters fraudulently exported gold jewellery worth Rs600 crores to various buyers in the United Arab Emirates. In lieu of this export, MSTC gave advances worth 80% of the value of the invoice. However, the proceeds of the exports have not been yet received, a CBI official said. Investigations revealed the accused had exported gold to their own companies in the UAE.