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SUVs, posh villas, pricey plots purchased from NSEL funds, says Enforcement Directorate

May 05 2014, 07:51 IST
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High-end vehicles, posh villas and flats, expensive plots, shares in beach-side hotels and vast tracts of agricultural land are some of the purchases made by the accused of the multi-crore payment scam in National Spot Exchange Limited (NSEL) through money laundering. (AP) High-end vehicles, posh villas and flats, expensive plots, shares in beach-side hotels and vast tracts of agricultural land are some of the purchases made by the accused of the multi-crore payment scam in National Spot Exchange Limited (NSEL) through money laundering. (AP)
SummaryThe central probe agency has identified these assets to be the 'proceeds of crime'.

were dealing in sale and re-purchase of sugar without having any physical stock of sugar. They had received funds from NSEL on account of sale of sugar which they have not delivered to NSEL at all.

There was no question of NSEL allowing them to invest these funds in real estate," the probe report said.

The agency has also recorded a number of statements of the officials of the NSEL and Mohan India Pvt Ltd under PMLA before preparing and submitting the first investigation report in this case to the court.

The ED said it attached luxury vehicles like a Toyota Fortuner, three Range Rovers, flats in Gomti Enclave in Lucknow, eight plots of land in Karnal in Haryana, a posh flat in Mumbai's Borivali, plots in costly addresses like Mehrauli, Hauz Khas, Jor Bagh and Sainik Farms in Delhi and other such assets as "there was a likelihood of immediate sale or disposal of such high-end vehicles and luxurious properties (by the firm in question) and the non-attachment of the same would have frustrated the proceedings under the Act (PMLA)."

"It was revealed that funds obtained from NSEL were diverted for the purposes other than the purpose for which they were obtained raising the suspicion that the said amounts were laundered by MS Mohan India group," the ED said in its report.

The agency has also relied on a report of the I-T department against the firm that said that the "godowns which were declared to NSEL (by the firm) as designated warehouse had no capacity to store the quantity of sugar traded by them (Mohan India and others) on the NSEL platform."

The ED has said that its probe in this case is "still in infancy at this stage" and further investigation is on.

The Rs 5,600-crore payment crisis at NSEL and the alleged scam is being probed by different agencies like the Mumbai Economic Offences Wing and the Income Tax department.

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