EOW to move against five NSEL defaultershttps://indianexpress.com/article/news-archive/web/eow-to-move-against-five-nsel-defaulters/

EOW to move against five NSEL defaulters

The firms are ARK Imports,Mohan India,Yathuri Associates,MSR Foods and Swastik Overseas.

The Economic Offences Wing (EOW) of the Mumbai Police is planning to take coercive action against five major defaulters of the National Spot Exchange Limited (NSEL) who continue to ignore calls to appear for questioning.

Apart from three written reminders sent by the EOW,daily calls are being made to the defaulting firms,the police said. ARK Imports,Mohan India,Yathuri Associates,MSR Foods and Swastik Overseas Corporation,have not submitted to questioning,although directors of some firms have informally met the police in connection with the probe into the Rs 5,600 crore settlement crisis.

“We sent the first reminder on the day we conducted country-wide raids,the second on the day former NSEL CEO Anjani Sinha was arrested and the third on November 1. Our officers have been calling each firm on a daily basis,but they have not come to us yet. The deadline for them to surrender to questioning has passed and we will now resort to coercive action,” said Balsing Rajput,Deputy Commissioner of Police,EOW.

He added that the continued evasion would count against the firms later in the investigation. “They are behaving suspiciously by not appearing before us with all documents. There is an intention to defraud investors by evading. When the directors of these companies are arrested and apply for bail,we will tell the court that they evaded us.”

Rajput also said that a portion of the attached properties owned by ARK Imports are in Nawanshahr,Punjab. “There are 25 plots in three villages which we are convinced have been purchased with the proceeds of the crime. The properties cannot be leased or sold without obtaining an NOC from us,” he said.