The Economic Offences Wing (EOW) of the Mumbai Police has pegged the preliminary valuation of the seized assets of the 26 defaulters in the National Spot Exchange Limited (NSEL) payment crisis case at Rs 2,066.41 crore.
The seized assets include 173 immovable properties, shares and investments worth Rs 6.5 crore and 15 vehicles.
“The paper or book value of properties that we have attached so far is close to Rs 2,066.41 crore. The current market value of these properties may be higher,” said Rajvardhan Sinha, Additional Commissioner of Police, EOW.
EOW is likely to appoint a “recognised and registered valuer” to arrive at the current market valuation of these assets. “It may take about 30 to 40 days for the evaluation to conclude once we appoint a valuer,” added Rajvardhan.
NSEL, a subsidiary of Financial Technologies (FTIL), is engulfed in a Rs 5,600-crore payment default crisis since August 2013 after the exchange suspended trading of “paired products”.
According to Rajvardhan, so far, total 232 bank accounts with cumulative balance of about Rs 43 crore have been frozen. The accounts include those of NSEL promoters while frozen properties consists of assets of defaulters and arrested former employees of NSEL including ex-MD & CEO Anjani Sinha.
Amongst the prominent defaulters, the estimated value of seized assets of Mohan India, NK Protein, Yathuri Associates, PD Agro and Laxmi Overseas stand at Rs 601 core, Rs 455 crore, Rs 357 crore, Rs 276 crore and Rs 252 crore, respectively.
The EOW also indicated that they are still to study books of some of the smaller borrowers and expect attachment of few more properties. The liquidation process of the seized assets is likely to commence after the charge-sheet is filed in the sessions court and the court begins hearing of the appeal.
Meanwhile, the NSEL investor forum through its members approached the Bombay High Court seeking attachments of FTIL properties.
“They have also requested for stay of sale of any assets of FTIL as well as declaration of dividends until all the money of investors is received,” said a press release by the forum. The suit will