The Mumbai Zonal Office of the Enforcement Directorate (ED) has finally finalized the immovable properties worth Rs 115.86 crore (nearly) value (about) price of Rs 115.86 crore (nearly) in terms of National Spot Exchange Limited (NSEL) and others under the provisions of the Money Laundering Prevention Act (PMLA) 2002.
These properties include 15 immovable properties located in Mumbai, Delhi and Rajasthan, which belong to various defaulters of NSEL. Messrs Mohan India Group, Messrs Vimaladevi Agrotech Limited, M / s Yiti Associates and Messrs Lotus Refineries. The ED launched an investigation on the basis of the FIR lodged under various sections of the Indian Penal Code 1860.
Criminal conspiracy to cheat investors
The ED investigation revealed that the accused in the case hatched criminal conspiracy to cheat investors, motivated them to trade on the NSEL platform, made fake documents such as fake warehouses receipts, rigged accounts and thus criminal betrayal and lost Rs 5600 crore to investors. It has also been learned that real investors were cheated by their investment through severe embezzlement, which is clear from the fact that NSEL allowed the trade of goods by vendors, without ensuring that proper quantity and quality goods were stored in exchange-controlled warehouses, resulting in thousands of investors trading in non-existent goods.
It has also been discovered that the money collected from various investors was diverted by NSEL business members (defaulters) for other activities such as real estate, repayment of outstanding loans and other activities. During the investigation under PMLA 2002, a total of Rs 3433.06 crore has been attached to the case so far. Seven (07) prosecution complaints have been filed against NSEL, various defaulters and broking institutions in this case. The investigation of ED is going on in this entire case.
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