Monday 24 October 2016

NSEL Scam: ED Attaches Rs 18.1 Cr Assets of Defaulting Firm

New Delhi

Initiating yet another action in the NSEL scam case, the Enforcement Directorate has attached assets worth Rs 18.1 crore of an accused firm in connection with its money laundering probe.

According to an ED order, the agency has seized movable and immovable properties of the firm-- Ms N K Proteins-- in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act (PMLA).

"The total value of the seized assets is Rs 18.1 crore," the order said.

The central probe agency's Mumbai unit had registered a criminal FIR in this case in October last year to probe money laundering instances in the Rs 5,600-crore scam.

It has so far attached assets to the tune of over Rs 500 crore of the defaulting firms and is conducting a parallel probe in this case alongside the Mumbai Police and other investigative agencies.

The National Spot Exchange Limited's payment troubles started after it was ordered by regulator Forward Markets Commission (FMC) in July last year to suspend spot trade in most of its contracts due to suspected trading violations.

The exchange could not settle the outstanding trades, sparking investigations by the police and regulators to find out whether the exchange had defrauded traders by not enforcing rules requiring sufficient collateral to be set aside.

© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
English Words Re-spelled by 'Ancient Indo-Puranic' Principles Curfew in Parts of Kashmir, Youth Killed, Toll Rises to 58
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store

Post a Comment

You are not logged in, please Log in or Register
  • Daily Mail

More than a decade after India first started the procurement process, it has finally inked an €8bn agreement to buy 36 Rafale fighter jets from France’s Dassault. The original deal was to buy 126 Rafales to replace the accident-prone Russian MiG-21s. Ultimately, the government offered to buy only 36 ready-to-fly planes.

POLL STARTED ON: Sep 26, 2016
Brazil’s Rio de Janeiro is hosting the 31st Olympic Games from August 5 to 21. This is the first Olympics being held in South America and is going on even as a majority Brazilians are unhappy with their rulers. Here’s a quiz on some random Olympic facts and related trivia.
QUIZ STARTED ON: Aug 11, 2016