Mumbai Police complete attachment of assets of 26 NSEL defaulters

Dec 08 2013, 03:19 IST
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SummarySenior officers confirmed that the brokers named as accused in the case would now be under the scanner.

The Economic Offences Wing (EOW) of the Mumbai Police Crime Branch probing the National Spot Exchange Limited (NSEL) case on Saturday completed attaching assets of all 26 defaulters, worth over Rs 3,000 crore.

Senior officers confirmed that the brokers named as accused in the case would now be under the scanner.

The EOW has invoked the Maharashtra Protection of Interests of Depositors (MPID) Act in the case, which empowers the agency to attach assets of the accused and auction them off, to repay the 13,000 investors who have lost a total of Rs 5,600 crore.

According to EOW sources, the assets include properties, vehicles and money in bank accounts as well as shares and investments. The total value of the assets comes up to Rs 3,109.67 crore, officials said.

“We have attached a total of 212 properties worth Rs 2,679.4 crore and frozen 325 bank accounts, 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,” said Rajvardhan Sinha, Additional Commissioner of Police EOW.

On Saturday, Jignesh Shah and Joesph Massy, both directors of the NSEL, visited the EOW and spoke to senior EOW officials about the efforts that they are taking to recover the investors’ money.

“Many of the defaulting members are willing to sign agreements under which money will be dispersed into escrow accounts. Our full commitment is towards getting these agreements signed,” Shah told reporters.

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