The Enforcement Directorate (ED) has taken major action in the National Spot Exchange Limited (NSEL) scam. The agency has attached immovable property worth about Rs 19.12 crore. ED's investigation was initiated by Mumbai's M.R.A. This was done on the basis of the FIR lodged at Marg Police Station, which is currently being investigated by the Economic Offenses Wing of Mumbai Police. In this case, a case has been registered against NSEL, its directors, top officials and 25 defaulters.
Investigation has revealed that NSEL and its defaulting members together got the commodity trading done without the actual stock. That means, deals were done only on paper and around 13 thousand investors were defrauded to the tune of Rs 5600 crore. The names of three companies of LOIL Group, LOIL Overseas Foods, LOIL Continental Foods and LOIL Health Foods, have come to light in this scam.
These companies collected crores of rupees by showing fake sales of paddy through NSEL platform. They were found to have a liability of around Rs 720 crore, out of which around Rs 569 crore was diverted through different accounts. ED investigation has also revealed that this money was diverted through many companies and used to repay bank loans, run business and buy property.
Till now, ED has attached properties 34 times in this entire case, the total value of which is around Rs 3452 crore. Besides, 7 charge sheets have also been filed against 148 accused, of which the court has taken cognizance. At present, ED is engaged in further investigation of this case and more big revelations may be made in the coming days.
On the other hand, the Mumbai unit of the Enforcement Directorate, while taking action in a major case of money laundering, had attached properties worth about Rs 41.70 crore on March 25. All these properties are said to be related to the Gorgaon Pearl CHS project located in Goregaon area of Mumbai. The attached properties include ready and incomplete residential flats, commercial shops and office space. Investigation has revealed that this project was being developed by M/s Sai Siddhi Developers.
