Enforcement Directorate attaches Rs 75 cr assets in NSEL scam case

PTI Posted online: Sunday, Dec 01, 2013 at 0000 hrs
The Enforcement Directorate (ED) has attached an estimated Rs 75 crore assets of a borrower company and its associates in connection with money laundering probe in the National Spot Exchange Limited (NSEL) scam case.

This is the first attachment order issued by the agency, under Prevention of Money Laundering (PMLA) laws, in this case and sources said the assets belong to Mohan India and its group companies -- Tavishi Enterprises Private Limited and Brinda Commodity Private Limited, which owe the investors Rs 922 crores.

They are one of the largest borrowers in the businesses of this exchange, sources said.

The agency had conducted searches on the premises of the company on October 31 and had sealed a number of them in cities like Mumbai, national capital region, Lucknow, Punjab and Chandigarh.

The ED had earlier registered a criminal case under PMLA in this case which had rattled the bourse for allegations of large scale financial misdeeds.

The ED, sources said, suspects that the firm laundered huge amounts of sums generated from the operations at NSEL and its investigations suggest these funds were ploughed into real estate and other avenues.

A flat in Delhi's Jor Bagh area, a villa in Gurgaon, a farmhouse in Kapashera, a flat in Mumbai and few other locations in the NCR were searched and have been attached under the latest action, sources said.

An attachment action under money laundering laws is meant to deprive the accused of the benefits of the ill-gotten property or assets.

The order can be challenged before the Adjudicating Authority of PMLA within 180 days.

The ED, according to its probe till now, found no sugar stocks in the name of the firm which were reflected in the original documents.