Mumbai: The Enforcement Directorate has attached assets worth around Rs 116 crore in the NSEL case, comprising immovable properties across Mumbai, Delhi and Rajasthan. These assets were owned by defaulting entities of NSEL, including Mohan India Group, Vimladevi Agrotech Ltd, Yathuri Associates and Lotus Refineries.
To date, the ED has attached properties worth Rs 3433 crore and submitted seven prosecution complaints (chargesheet) against NSEL, various defaulters and broking entities. The ED has recently submitted the seventh chargesheet naming 54 accused, including nineteen broking firms and their directors, in the Rs 5,574 crore NSEL money laundering investigation.
The NSEL functioned as a digital commodity trading platform where over 13,000 investors participated through broking firms, investing considerable sums in agricultural commodity trading.
The investigation revealed that the accused orchestrated a scheme to deceive investors by encouraging trading on the NSEL platform. They produced counterfeit warehouse receipts, manipulated accounts and violated trust, resulting in investor losses of Rs 5600 crore.
Investigations showed that legitimate investors lost their funds through substantial misappropriation. NSEL permitted commodity trading without verifying the presence of adequate quantity and quality of goods in exchange-controlled warehouses, leading to trading in non-existent commodities.
Evidence indicated that trading members diverted investors’ funds towards real estate investments, debt settlements and various other activities unrelated to the exchange’s purpose.
