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NSEL scam: EOW seized 26 defaulters properties worth Rs 2,066 cr

NSEL scam: EOW seized 26 defaulters properties worth Rs 2066 cr

“The paper or the book value of the properties that we have attached so far is close to Rs 2,066.41 crore. The current value of the property, the market may be higher,” said Rajvardhan Sinha, additional commissioner of police , EOW.

The Economic Offences Wing (EOW) of the Mumbai Police has been linked to the preliminary valuation of the seized properties of the 26 defaulters in the National Spot Exchange scam (NSEL) at Rs 2066.41 crore. 173 Seized assets include real estate, stocks and investments worth Rs 6.5 crore and 15 vehicles.

“The paper or the book value of the properties that we have attached so far is close to Rs 2066.41 crore. The current value of the property, the market may be higher,” said Rajvardhan Sinha, additional commissioner of police , EOW.

EOW is probably have appoint a “recognized and registered valuer” to get to the current market valuation of these assets. “It may taken around 30-40 days to complete the assessment once an appraiser named” Rajvardhan added.

NSEL, a subsidiary of Financial Technologies (FTIL), is therefore in a scam R5 600 crore since August 2013 after the exchange suspended trading in “related products”, the origin of the crisis settlement.

According Rajvardhan 232 banking accounts so far with total accumulated balance of around Rs 43 crore have been frozen. Frozen bank accounts include promoters NSEL while properties formed by frozen assets of delinquent and arrested former employees of NSEL, including former MD and CEO Anjani Sinha.

Of the many prominent defaulters, the assessed value of seized assets of Mohan India, Protein NK, Yathuri Associates, PD Agro and Laxmi Overseas stand at Rs 601 core, Rs 455 crore, Rs 357 crore, Rs 276 crore and Rs 252 crore, in that order.

EOW said they are still studying the books of some of the small borrowers and wait setting some properties more. The liquidation of these assets is likely to start after a chargesheet is filed in court and the court session begins hearing of the appeal.

Meanwhile, the investment forum through NSEL members walked the Bombay High Court seeking FTIL attachments of properties.

“They have also asked for the stay of selling any asset FTIL and the declaration of dividends until all money received from investors,” said a press release by Sharad Saraf, president of the forum.

The statement added that the suit will be heard Monday by Judge Kathawala along with a complaint filed by MMTC on the same subject.

MCX warns delinquent members on NSEL

The MCX has led its members to exercise due caution when dealing with NSEL 22 companies, including India and NK Mohan protein. MCX Listed bag is sister concern of NSEL, facing a payments crisis, Rs 5 600 million rupees. NSEL and MCX are both promoted by Jignesh Shah-led FTIL. Recently NMCE, third largest commodity market in the country, had also directed its members to pursue alert in dealing with defaulters of NSEL.

Reported: Financial Express

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About Narmada Ji

Myself Technical Analyst and Owner Investment Growth Services (100mcxtips.com). 100McxTips is a Market Leader MCX Commodity Advisory, which has a strong hold in offering trusted MCX Tips and accurate as well as Commodity Market Tips. For more mcx, commodity market news by 100McxTips, follow us on Twitter @100mcxtips and on Facebook at facebook.com/100mcxtips.

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