NSEL Rs. 5600 Crore Scam Jignesh Shah arrested.

NSEL Rs. 5600 Crore Scam Jignesh Shah arrested.

National Spot Exchange Limited (NSEL) scam happened in year 2013

Year 2016 –

ED officials said the agency had found clear evidence of money laundering against Shah. The NSEL scam was a Ponzi scheme and has been estimated to be a Rs 5,600-cr fraud.

ED officials said the agency had found clear evidence of money laundering against Shah.

The ED registered a criminal case under PMLA in 2013 to probe the case along with the Economic Offences Wing (EOW) of Mumbai police. The probe agency has so far made an attachment of Rs 600 crore in the case.

ED has attached the properties of following –
1-
NK Proteins, one of the largest defaulters, whose liabilities on the exchange are estimated at Rs 900 crore.

2-
Mohan India worth Rs 125 crore, another big defaulter in the scam with initial liability of Rs 922 crore.

3-
Spincot Textile

4-
PD Agro Processor

Shah was arrested by the EOW and released on bail in August 2014.

The Enforcement Directorate (ED) on Tuesday arrested Financial Technologies India (FTIL) founder Jignesh Shah (pictured) under section 19 of the Prevention of Money Laundering Act (PMLA).

As per media reports Jignesh Shah is arrested for non-cooperation in the investigation. He will be produced before the Special PMLA court on Wednesday morning,

ED had prosecuted NSEL and 67 others in March last year under the PMLA over Rs 3,721.22 crore of money trail.

On July 7, the PMLA court had directed all the 68 accused named in the chargesheet in the National Spot Exchange (NSEL) scam case to present before court on July 18.
Suggested Reading –

Explained In Depth NSEL Rs. 5600 Crore Scam


Reality views by sm –

Wednesday, July 13, 2016

Tags – Fact Explain NSEL Scam Jignesh Shah