The Economic Offences Wing (EOW) of the Mumbai Police Crime Branch on Wednesday issued summons to 60 people in connection with its investigation into the National Spot Exchange Commission (NSEL) crisis.
Additional Commissioner of Police (EOW) Rajvardhan Sinha said that the summons had been issued to promoters and officials of the NSEL,which include Jignesh Shah and Joseph Massey.
Shah is the chairman and managing director of Financial Technologies (India) Ltd,a promoter of NSEL. Massey is managing director and chief executive officer of MCX-SX .
We have asked the accused to present themselves for questioning within five days, Sinha said. An officer with the EOW added that the main objective behind questioning the accused was to get an idea as to how and where the money leaked out,and where it ultimately ended up.
Meanwhile,the 63 teams that were sent across the country are expected to return to Mumbai by Thursday with hard disks,laptops and documents seized from warehouses and offices of NSEL officials and promoters.
Around 80 per cent of the search and seizure operations are complaint and only 30 places are yet to be searched. Once our teams return with the data,we will be analysing it to follow the money trial,which will take another 10 to 15 days, said an officer.
The EOW complaint says NSEL did not back the trades conducted through it with physical goods,and that bogus warehouse receipts were made to cover this up. When investors started demanding their money back,NSEL could neither repay them nor give them the commodities,resulting in a payment crisis of Rs 5,600 crore for NSEL.