The National Spot Exchange Ltd (NSEL) on Monday alleged that Ram Naresh Saraf, father of Pankaj Saraf, the main complainant in the Rs 5,600 crore NSEL payment fraud, has entered into a “clandestine agreement” with a defaulting member and recovered his money at a discount of 10 per cent. NSEL defaulters owe Rs 2.60 crore to Pankaj Saraf and his father.
According to NSEL, Haryana-based PD Agroprocessers Pvt Ltd, the fifth largest NSEL defaulter that owes Rs 687 crore, through its related company Primezone Developers Pvt Ltd, entered into a deal with Ram Saraf on April 2 to buy out his dues at a discount for Rs. 54.04 lakh.
“My father is a separate legal entitiy and he is a senior citizen who has the right to take his own decisions. Pankaj Saraf the main complainant in the NSEL case has not taken a penny from any defaulter,” said Pankaj Saraf refuting all the claims made by NSEL against him.
NSEL also alleged that Pankaj Saraf and Ram Saraf have not informed the High Court Committee, economic offences wing of Mumbai Police , Forward Markets Commision or any other investigating agency of the deal. “The said deal is in contravention to the Bombay High Court order that settlement can be done only with prior approval of FMC,” said Prakash Chaturvedi, joint managing director of NSEL.