National Spot Exchange Ltd (NSEL) vice chairman Jignesh Shah and three other directors of Shah-promoted FTIL group presented themselves before the Mumbai Police Crime Branch Economic Offences Wing (EOW) on Tuesday.
According to EOW officials,Shah,along with MCX Stock Exchange MD Joseph Massey,FTIL director Dewang Neralla and MCX MD and CEO Shreekant met senior EOW officials. They would be called again for questioning.
We first want to analyse the contents of the hard drives and the pen drives that our teams have recovered from warehouses as well as offices and residences of NSEL directors and defaulting companies,as we are trying to track the flow of money. It is important to get an idea of where Rs 5600 crore went before we can get down to questioning the people named in the FIR, said a senior EOW officer.
Investigations into the matter have also revealed another interesting aspect of the case. Since the issuing of the summons last week,around 13 directors of defaulting companies have presented themselves before the EOW. Out of these,at least six people,named as directors,were found to be employed as clerks or peons with the companies.
The so-called directors told us that their bosses had given them some money and told them to sign some documents around six months ago. Legally,anybody can be made a director but the person also has to be given a proper share in the companys profits, said an officer.
NSEL defaults eighth time
New Delhi: National Spot Exchange Ltd (NSEL) has made the eighth straight payment default,as it could pay only Rs 2.85 crore to investors against scheduled amount of Rs 174.72 crore.
NSEL bourse had defaulted in payments on six previous occasions as well,while in the last (seventh) pay-out exchange was unable to pay as its account was frozen by EoW of the Mumbai police.
With Tuesdays pay-out,NSEL has been able to settle just about Rs 152 crore out of Rs 5,500 crore outstanding to the 13,000 investors. pti