NSEL crisis: Mohan India agrees to pay R771 crore in one yearhttps://indianexpress.com/article/news-archive/web/nsel-crisis-mohan-india-agrees-to-pay-r771-crore-in-one-year/

NSEL crisis: Mohan India agrees to pay R771 crore in one year

NSEL defaulters are evading interrogation.

Even as the Economic Offences Wing (EOW) of the Mumbai Police on Wednesday said major NSEL defaulters have been evading interrogation to ascertain their role in the Rs 5,600 crore payments crisis,Mohan India,a Delhi-based member of the exchange claimed it has agreed to pay Rs 771 crore in final settlement within the next one year.

The company will make a down payment of Rs 11 crore and the balance as instalments. The firm’s total outstanding is Rs 950 crore. “We are committed to pay-in and settle our dues over the next one year period,and I am happy that we have reached an understanding with NSEL,” Mohan India director Jagmohan Garg said.

However,both Mohan India and NSEL did not disclose the payment details. “We are in the dark about the source and other terms of the funding. We don’t know whether they will really make the payment. Earlier Mohan India and other members had defaulted on payments,” said an investor.

Meanwhile,in a briefing on Wednesday,Mumbai Police said the defaulting firms have been given a deadline to present themselves after which action would be initiated against them. So far,only Nilesh Patel,MD of NK Proteins,the biggest defaulter on the exchange,has turned himself in. The police is set to ask for further custody of NSEL MD Anjani Sinha and Patel.

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According to the EOW,until now only the directors of PD Agroprocessing have come forward. “They did not bring any documents to explain their role in the conspiracy so we haven’t been able to interrogate them,” said Balsing Rajput,Deputy Commissioner of Police,EOW.

Rajput said the assets of all the accused had been attached and are being scrutinised. “We will look for which of these has been procured from crime proceeds and which are legitimate. If they have been acquired after 2009 or after joining the NSEL,they will be under suspicion,” he said.