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EOW team finds 58 out of 62 NSEL warehouses empty

It substantiates the charge it did not back up investments made through it with goods of equal value.

Written by Express News Service | Mumbai | Published: October 4, 2013 3:58:13 am

Mumbai Police Crime Branch’s Economic Offences Wing (EOW) on Thursday said that their search of the National Spot Exchange Ltd’s (NSEL) warehouses have substantiated the charge that it did not back up the investments made through it with goods of equal value,as more than half of its warehouses were found to be empty.

“Of the 62 warehouses,we have so far finished searching 58,out of which 30 were found to be totally empty,while four were found to be bogus. The remaining warehouses contain some goods but not in a substantial quantity. The discovery substantiates that the NSEL did not store goods of value equal to the investments being made through it,as it was supposed to. There are now four warehouses that still remain to be searched,” said Additional Commissioner of Police,EOW,Rajvardhan Sinha,adding that “the overall search and seizure operation in 95 per cent complete.”

The Economic Offences Wing will now focus on the money trial.

FMC bars NSEL,promoters from auction process

MUMBAI: The Forward Market Commission (FMC) has barred NSEL and group firms from auctions of commodities held by the bourse following complaints that firms related to former MD and CEO Anjani Sinha took part in the bidding process.

In a directive to the NSEL,FMC said a five-member panel will oversee the auctions. The NSEL is selling commodities to clear Rs 5,600 crore of dues to investors.

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