NSEL scam: Investors meet crime branch chief,demand speedy probe

The police have so far arrested five people,including top NSEL officials Anjani Sinha,Amit Mukherjee and Jai Bahukhandi,as well as directors of the two top defaulting companies.

Written by Express News Service | Mumbai | Published: December 5, 2013 1:29 am

Around 60 investors,who allegedly lost money in the National Spot Exchange Limited (NSEL) scam being investigated by the Mumbai Police’s Economic Offences Wing,met Crime Branch chief Himanshu Roy on Wednesday,demanding a speedy probe.

Roy assured them that attachment of properties had already begun and their money would be returned soon. The investors submitted a two-page letter of their demands. They also demanded the arrest of other officials of the NSEL,who were involved in the scam. “We have demanded the arrest of Shrikant Javalgekar,an NSEL director,who has been questioned by the crime branch. His property has also been attached,” an investor said.

“We have already started freezing accounts and attaching assets of the accused. Arrest is a matter of strategy. Some of the investors said they needed money for some pressing emergencies. We are trying to start liquidation of assets at the earliest and release funds to the investors,” said Roy.

The police have so far arrested five people,including top NSEL officials Anjani Sinha,Amit Mukherjee and Jai Bahukhandi,as well as directors of the two top defaulting companies.

In October,the EOW invoked the Maharashtra Protection of Interests of Depositors (MPID) Act in the case,which empowers the agency to attach assets and auction them,so that it can reimburse the 13,000 investors,who allegedly lost Rs 5,600 crore in the scam.

The EOW has also attached a total of 206 properties and frozen around Rs 171 crore in 322 bank accounts. The total value of assets attached under the MPID Act is around Rs 2,986 crore.

mumbai.newsline@expressindia.com

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