The Enforcement Directorate (ED) has formally registered a case against the promoters and directors of the National Spot Exchange (NSEL),who are already under the investigation of the Economic Offences Wing (EOW) of the Mumbai Police and the Forward Markets Commission (FMC).
According to sources,the ED,which filed an Enforcement Case Information Report on Monday,is probing alleged violations of foreign exchange regulations and instances of money laundering under the Prevention of Money Laundering Act,which also allows the regulatory agency to seize the properties of those involved in the wrongdoing.
Incidentally,an ED probe in the matter was one of the many demands made by the NSEL Investor Forum,as part of their petition filed in the Bombay High Court.
The ED move comes a fortnight after the EOW filed a first information report against all the directors and key management persons of NSEL and Financial Technologies (India) Ltd which owns NSEL along with the borrowers and defaulting entities.
The EOW has already shared information related to the NSEL probe with the ED.
In addition,the corporate affairs ministrys Serious Fraud Investigation Office (SFIO) is also probing the case,which has seen NSEL defaulting on settlement obligations amounting to Rs 5,600 crore.
According to sources,the SFIO is looking into the books of accounts of all the group companies of Financial Technologies (India) Ltd and is also coordinating with the FMC.
According to the FIR filed by an investor named Pankaj Saraf,the entities have been accused of charges related to forgery with the intent of cheating,breach of trust,knowingly using a forged document and also destruction of valuable security.