Tuesday, December 17, 2013

Mumbai police attach assets worth Rs 5600 cr of 26 defaulters in NSEL case

Mumbai: Probing the Rs. 5,600-crore scam at National Spot Exchange Ltd (NSEL), Mumbai police have completed attachment of assets of all 26 defaulters in the case.

"We have attached a total of 212 properties worth Rs. 2679.4 crore of defaulters, directors and senior officials of the NSEL. We have completed the attachment of all the defaulters. So far 325 bank accounts have been frozen, which have a total bank balance of Rs 172.15 crore. We have also attached money in shares and investments worth Rs 252.6 crore of the accused named in the FIR," a senior official from the economic offences wing (EOW) of Mumbai police said on Sunday.

Busy examining the books of accounts of borrowers-turned-defaulters at present, the EOW's next focus would be studying brokers' books of accounts, the official said. Not the right trading. PTI Not the right trading. PTI An FIR in the case was lodged on September 30 by the EOW against directors Jignesh Shah, Joseph Massey and others charging them with cheating, forgery, breach of trust and criminal conspiracy, among other offences.

The spot commodity bourse, promoted by Jignesh Shah-led Financial Technologies India Ltd (FTIL), has been facing problems in settling dues worth Rs. 5,600 crore to 148 member brokers, representing 13,000 investor clients. Police suspect equal role of brokers in the scam as many of them have sold NSEL commodities despite having knowledge of the fraudulent practices in the spot exchange.

The EOW has invoked Maharashtra Protection of Interest of Depositors Act, which empowers police to attach immovable assets of the accused. The EOW has so far arrested five persons in the case - Anjani Sinha, Amit Mukherjee and Jay Bahukhundi of NSEL, and borrowers Nilesh Patel, managing director of N K Proteins, and Arun Sharma, chairman of Lotus Refineries and also a film financier. All of them are in judicial custody and lodged in Arthur Road Jail at present. PTI

Dec 8, 2013
Read more at: http://www.firstpost.com/business/mumbai-police-attach-assets-worth-rs-5600-cr-of-26-defaulters-in-nsel-case-1274441.html?utm_source=ref_article

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