Friday, November 8, 2013

Cops attach NSEL defaulters’ assets



Mateen Hafeez TNN

Mumbai: The economic offences (EOW) wing of the Mumbai Police on Thursday issued orders to attach 25 properties of the defaulters in the Rs 5,600-crore National Spot Exchange (NSEL) fraud case. In a related development, the Saharanpur police filed a transit remand plea in the Esplande court seeking the custody of two accused, Amit Mukherjee and Anjani Sinha.
    Rajvardhan Sinha, additional commissioner of EOW, said that investigators have till date identified more than 105 properties belonging to the defaulters. “All the properties will be attached under the Maharashtra Protection of Interest of Depositors Act (which empowers the police to attach immovable assets of the accused). In the first phase, we have issued the orders to attach 25 properties. Order copies have been sent through fax to the collectors concerned and t e h s ild a r s. In the next
phase, we will be sending orders to attach the remaining properties,” said Sinha, adding that the police was still busy identifying more properties. “We will inform the MPID Act court on Friday about our order,” he said.
    The purpose of attachment is to avoid the sale or purchase of such properties. ARK is among the companies mentioned in the first phase of attachment. “We have not valued the properties but we are confident of recovering the money of investors,” said Sinha. The immovable properties are in the form of land and buildings across the country.

    Market sources said the total value of these 105 properties account for about 70% of the total value of the amount to be paid by 24 borrowers.    The police have so far arrested Mukherjee, Jay Bhaukhundi, both former top officials of the now-defunct exchange, Anjani Sinha, former MD of NSEL, and Nilesh Patel, MD of N K Proteins, one of the largest borrowers (around Rs 970 crore). 
    Ateam comprising six policemen from Uttar Pradesh on Thursday approached the Esplanade court seeking the custody of Anjani Sinha and Mukherjee. The UP police told the court that they have also registered a case and wanted the custodial interrogation of the two. The suspects would be taken to a Saharanpur court where they will be formally arrested.
    Patel’s father in-law, Shankarlal Guru, former NSEL chairman, was summoned on Thursday for questioning but he didn’t turn up. He sent an email saying he was not keeping well and would appear before the police later. Guru had resigned from his post on August 19. 
The Times of India, November 8, 2013

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