The Economic Offences wing (EOW) of the Mumbai Police has pegged the value of the assets seized in India in connection to the National Spot Exchange Limited (NSEL) scam at Rs 4,041.48 crore.
“So far, we have attached 212 immovable properties and shares & investments worth Rs 251.76 crore,” said Rajvardhan Sinha, additional commissioner of police, EOW, on Monday. According to EOW, so far 327 bank accounts with a cumulative balance of about Rs 172.11 crore have been frozen.
NSEL, a subsidiary of Financial Technologies India Ltd (FTIL), is embroiled in a Rs 5,600-crore settlement crisis which came to light in August 2013 after the exchange suspended trading of “paired products”, which are seen to be the origin of the settlement crisis.
Separately, hearing on a recovery suit filed by public sector companies, MMTC and PEC along with an NSEL investor in the Bombay High Court continued on Monday. The suit seeks to hold FTIL — the promoter of NSEL — along with its founder Jignesh Shah, accountable for the NSEL crisis. MMTC is seeking to block the liquidation of any assets by both, FTIL and Shah.
The counsel representing FTIL and Jignesh Shah countered the demand that FTIL is willing to give a notice of two-weeks to the plaintiffs before liquidation of any assets.
Interestingly, FTIL shares held by Shah have been attached by EoW, along with three immovable properties, bank accounts and investments.