Wednesday, December 11, 2013

Rs 932-cr fresh NSEL assets attached

EOW has frozen 327 bank accounts, which have Rs 172.11 crore
The Economic Offences Wing (EOW) of the Mumbai Police on Monday attached fresh assets worth Rs 931.78 crore. The police have so far attached assets worth Rs 4,041.45 crore of NSEL directors and borrowers in the Rs 5,575.34-crore National Spot Exchange Ltd (NSEL) scam.

EOW has frozen 327 bank accounts, which have Rs 172.11 crore, while the total immovable properties that have been secured is 212. “We have so far recovered almost 80 per cent of the money in the NSEL scam. We hope to recover more,” said Rajvardhan Sinha, additional commissioner of police.

Borrowers have deposited Rs 265.52 crore in the escrow account and the highest amount of Rs 152.5 crore has been paid by Topworth Steel and Power Ltd.

Meanwhile, in the MMTC and Financial Technologies hearing in the Bombay High Court, FTIL has said that they own assets worth Rs 600 crore which include FTIL's office in Andheri in Mumbai as well as shares held by FTIL Chairman Jignesh Shah directly and indirectly.

MMTC, a state owned firm, filed a case against FTIL to recover Rs 268 crore.

FTIL also said that the court cannot grant ad interim relief to MMTC as the allegations of misappropriation made by them requires greater examination. FTIL's lawyer also said that Shah will not dispose of his holdings in FTIL till the outcome of the case.
BS Reporter  |  Mumbai
December 10, 2013 Last Updated at 00:35 IST

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