Updated: January 19, 2021 3:59:14 am
Delhi Police has arrested former CEO of National Spot Exchange Ltd Anjani Sinha for allegedly duping investors by assuring fixed returns on fictitious trading.
JCP (EOW) Dr O P Mishra said the accused has been identified as Anjani Sinha. He was arrested on Sunday from Mumbai.
Police said the complainants alleged that the brokerage firm, M/s Integrated Commodity Trades Pvt Ltd, Barakhamba Road, Delhi, through its directors has cheated them by inducement and misrepresentation regarding commodity trading on the platform of National Spot Exchange Ltd (NSEL). “The trading-cum-clearing member has to ensure that the commodities purchased by the clients or investors through contracts were delivered to the NSEL certified warehouses. The warehouse receipts were to be delivered by the member to its clients at the time of the settlement of the contracts,” a senior police officer said.
Police said the alleged broker in collusion and conspiracy with the exchange (NSEL) and the sellers (trading members) did not collect the delivery orders and the warehouse receipts whereas the transactions were done on behalf of the complainants. “It was alleged that fictitious stocks were traded on the exchange as a result of which the settlement of contracts was not done on the day of maturity, causing loss to the complainants,” the officer said.
“Complainants alleged Integrated Commodity Traders Pvt Ltd, NSEL, its CMD Jignesh Shah, CEO Anjani Sinha and others for cheating, criminal misappropriation and use of forged invoices,” an officer said.
NSEL said in a statement: “NSEL crisis was an engineered crisis, though it was solvable, but it was not solved, with a view to throw 63 Moons out of the exchange business. All the probe agencies … have traced the entire money trail of Rs 5,600 crore to the 22 defaulting entities and its established that not a single paisa has come to NSEL, 63 Moons or its founder … Despite this, all targeted actions have been concentrated against NSEL, 63 Moons and its founder.”
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