The Enforcement Directorate (ED) has filed a charge sheet against 19 broking institutions and their directors in Mumbai’s Special PMLA Court on 28 January 2025 under the sections of PMLA, on which investors have to be investors on the National Spot Exchange Limited (NSEL) platform NSEL officials are accused of collusion to woo.
Broking companies accused of misleading
Explain that the ED had started an investigation into money laundering on the basis of FIR lodged under different sections. In connection with broking companies, the ED investigation revealed that after registering with NSEL, they misled their customers by giving false assurances about the exchange and promoted the contract of illegal pair trade (Pair Trade), which was not allowed Was. In collusion with broking companies, NSEL established a system that bypassed the collection of warehouse receips or fiscal commodity for their customers.
Broking companies hatched a criminal conspiracy with NSEL to woo investors to trade on NSEL platforms by promising heavy returns and investors could be cheated. Brokerage earned in these illegal methods was used in commercial functions, using many layers from the income of crime to show those money as an indirect funds.
Brokerage worth Rs 34.74 crore seized
Brooking companies also confiscated the brokerage of Rs 34.74 crore earned by illegal methods under the provisions of PMLA, 2002 and it has been confirmed by LD Adjudicating Authority, PMLA, New Delhi.
Please tell that during the investigation under PMLA, 2002, a total assets worth Rs 1.5 crore were seized. Property worth Rs 3288.76 crore has been seized by issuing 32 provisional attachment orders. Earlier, 6 charge sheet has been filed against 94 accused in this case, and further investigation is on.