The Mumbai-based National Spot Exchange Limited has sounded an alert about five businessmen from Tricity who are allegedly involved in defaults of more than Rs 1,200 crore.
In an advertisement placed in newspapers on Tuesday, NSEL said that people “should be cautious while dealing with these defaulters with regard to financial matters and their assets’’.
The advertisement carries the pictures of these businessmen, against whom a criminal case has been registered, and the list of their assets which have been attached by the economic offences wing of the Mumbai police.
The businessmen are Balbir Singh Uppal and Janak Raj Uppal, directors of the Loil Group based in Sector 9 of Chandigarh, Kamal Dewan and Mohit Dewan, directors of White Water Foods Private Limited based in Sector 22 of Chandigarh, and Gagan Suri, proprietor of Yathuri Associates in Sector 5 of the Mansa Devi Complex in Panchkula.
While Balbir and Janak Raj Uppal owe the company Rs 720.31 crore, Mohit and Kamal Dewan owe Rs 84.82 crore and Gagan Suri owe Rs 405.6 crore, says the advertisement which also gives details of other defaulters in the region.
NSEL, according to their website, is a national-level, institutionalised, electronic, transparent spot trading platform for commodities.
According to the advertisement, as many as 10 properties of the Uppals have been attached in Fatehgarh Sahib and Delhi. These are shops, flats, offices and their main industrial set-up, including a rice mill, plant, machinery and power plant.
The Dewans’ five properties have been attached: one in Shimla, two factories in Haryana, a house in Sector 8 of Chandigarh and a bungalow in Sector 2 of Panchkula.
Suri’s one plot in Mohali and his house in Sector 5 in MDC, Panchkula, have been attached, says the advertisement.
Attempts to reach the businessmen were futile as their mobile phones were switched off. Their employees and family members said they did not know their whereabouts, nor knew about the case.
The office of Yathuri Associates was closed. Neighbours said that there was a raid about two weeks back and since then the office had not opened. At Suri’s residence, his wife said that he was not at home and she did not know where he had gone.
Similarly, Vivek, personal assistant of Balbir Singh Uppal, said that he was not aware of his boss’s whereabouts. Ekta, an employee at White Water Foods Private Limited, said that her bosses were not in the office and she had no idea about the advertisement.
The police in Chandigarh and Panchkula said that they had not received any intimation from the Mumbai police about the case.
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