NSEL scam: Enforcement Directorate attaches properties of Lotus Refineries

Written by PTI | Mumbai | Updated: Sep 18 2014, 02:41am hrs
The Enforcement Directorate (ED) today attached the flats and offices worth Rs 17.98 crore belonging to Lotus Refineries under the Prevention of Money Laundering Act in connection with the Rs 5,600-crore NSEL scam.

Chairman and Managing Director of Lotus Refineries, Arun Kumar Sharma, a film financier, had financed the Bollywood film `Satya 2'.

Sharma was arrested by the Economic Offence Wing of Mumbai Police in November last year. He later got bail.

An ED officer said Sharma had used borrowed money to purchase these properties. "We have also recorded his statement and are further investigating," the officer said.

MCX promoter Jignesh Shah, arrested in the case by the EOW, was last month granted bail.

Shah came under the scanner of EOW and other agencies last year when NSEL (a part of the Financial Technologies Group founded by Shah) faced a payment crisis and nearly 18,000 of its investors allegedly lost millions of rupees.