The investors body further questioned why the EOW has not named FTIL as an accused. for reasons unknown to us the promoter of NSEL i.e. Financial Technologies India Ltd. (FTIL) has neither been named as an accused nor their properties have been attached under MPID though they have 99.9999% shareholding of NSEL , the investors body said.
The group has requested the Commissioner of Police to immediately invoke MPID act on FTIL and attach all of FTIL's assets. they are stripping their assets by sending money overseas to other subsidiaries and also believed to be rampantly laundering money by bogus purchases/expenses etc. the investors group said.
The letter states that other market regulators have acknowledged the culpability of FTIL in the NSEL scam. As per the companies act FTIL as a company is a separate legal entity and one of the largest beneficiaries of the NSEL scam. The complicity and culpability of FTIL as a separate entity has also been confirmed by the Forward Market Commission in their fit and proper order dated 17 December 2013. Besides, Sebi has also held FTIL guilty and not fit and proper to run exchanges.
Earlier, the MPID court had directed the Competent Authority set up by the Government to sell the NSEL defaulter Metkore Alloys Rs 95 crore worth of stocks as part of the recovery process.
The NSEL Investors Forum has sought a fresh appointment with the Finance Minister Arun Jaitley to press for NSELs merger with FTIL, as reported by the Financial Express earlier.
The letter to Mumbai Commisioner of Police:
The whole NSEL conspiracy was hatched by FTIL and its directors. FTIL is the promoter of NSEL and just to hoodwink investors mere 100 token shares were given to NAFED (National Agricultural Cooperative Marketing Federation) which was touted as a co-promoter on NSEL website and all other forums to defraud investors. For all practical reasons NSEL was 100% alter ego of FTIL.
FTIL's brand name was used on NSEL website as a promoter to induce gullible investors.
The bogus pair trades of NSEL were ratified by FTIL board in January 2010 showing full knowledge and complicity in NSEL scam.