ED Attaches ₹115.86 Crore in NSEL Scam Probe; Total Seizures Reach ₹3,433 Crore
ED Attaches ₹115.86 Crore in NSEL Scam Probe; Total Seizures Reach ₹3,433 Crore
The Enforcement Directorate (ED) has intensified its crackdown on the ₹5,600-crore National Spot Exchange Limited (NSEL) scam by provisionally attaching immovable assets worth ₹115.86 crore.
The latest action, executed by the ED’s Mumbai zonal office on March 31, involves 15 properties spread across Mumbai, Delhi, and Rajasthan. These assets belong to key defaulters linked to the NSEL scam, including Mohan India Group, Vimladevi Agrotech Ltd, Yathuri Associates, and Lotus Refineries.
The ED launched its investigation under the Prevention of Money Laundering Act (PMLA), 2002, after an FIR was registered in Mumbai. Officials revealed that the accused orchestrated a large-scale financial fraud by enticing investors to trade on the NSEL platform using forged documents, including fake warehouse receipts, and falsified financial records. This criminal conspiracy resulted in a breach of trust, defrauding investors of ₹5,600 crore.
Investigations further disclosed that NSEL allowed trading without verifying actual commodity storage in its warehouses.
Funds collected from investors were allegedly misappropriated for real estate acquisitions, debt repayments, and personal enrichment.
With the latest attachment, the ED has so far seized assets worth ₹3,433 crore in connection with the scam. The agency has also filed seven charge sheets against NSEL, its defaulters, and associated broking firms. Earlier this year, 19 broking firms and their directors were charged for allegedly colluding with NSEL officials to lure investors into fraudulent trades.
