Tuesday, October 8, 2013

30 NSEL warehouses empty, 17 fake: EOW

Mateen Hafeez TNN


Mumbai: The economic offences wing (EOW) recorded the statements of 14 people accused in the Rs 5,600-crore NSEL cheating case. Jignesh Shah of Financial Technologies (FTIL), which owns NSEL, is likely to be summoned on Wednesday.
 
    “We have recorded the statements of some of the accused and will be calling others soon. Many of them wrote to us that they cannot appear within the stipulated five-day time citing health reasons. So far, we have found that the addresses of at least 17 warehouses are bogus. We have searched a total
of 62 warehouses so far,” said Rajvardhan Sinha, additional commissioner of police, EOW. 

    Police have till date frozen 64 bank accounts with Rs 21 crore belonging to various people, companies and NSEL. “During the raid, we found that 30 warehouses did not have any goods and were lying empty. Our raids are over and now we are busy scrutinizing the seized documents,” Sinha added. 

    Moreover, it has issued lookout notices to all the airports against 20 persons so that they cannot flee the country. On September 30, EOW registered an FIR against FTIL that owns NSEL, its office bearers and two dozen private firms for cheating.   There are chances that arrests will begin from next week. 
 
HC asks FMC to monitor paired, e-series contracts
Mumbai:
In an ad-interim order, the Bombay HC on Monday directed commodities regulator Forward Markets Commission (FMC) to monitor paired and e-series bullion contracts traded at the crises-ridden NSEL. A bench headed by Justice S F Vajifdar also restrained NSEL from disposing of property or creating third party rights without the permission of FMC. The next hearing has been posted on October 21. AGENCIES 
 
The Times of India, October 8,2013

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