Enforcement Directorate is investigating the case of NSEL for 5600 Cr crisis
occurred. Under Prevention of Money Laundering Act ED has decided to secure
the immovable properties of NSEL Defaulters. The defaulters are the large
borrowers who are responsible for the crisis.
According to the sources the investments of these 14 defaulters are under ED’s
observation. He also stated that there is high possibility of freezing assets of one
the defaulters. According to ED most of the properties of the defaulters are
considered to be situated in Middle East. ED states that from 5%-10% of the NSEL
crisis amount is pumped out overseas which is calculated up to 280-560 Cr. The
defaulters who are under ED’s eye are Ark Imports, LOIL, NK Proteins, Mohan
India, etc. It is a clearly stated fact that reimbursement of the affected investors of
NSEL is possible after ED confiscates properties of defaulters in India & overseas.
On the other side ED is also taking action against brokerage firms who were
equally responsible for money laundering in NSEL crisis. For the first time senior
officials from brokerage firms like MotilalOswal, India Infoline Commodities,
GeofinComtrade& Phillip Commodities were called for questioning. One of the
ED official mentioned that many of the investors could also have been in the loop
about such structured products being in contravention of the extant norms. They
are looking at certain clues on unauthorized changes made on NSEL platform. The
names of clients on NSEL servers were found to be different from those in
brokers’ records.
Apart from the ED, the Securities and Exchange Board of India and the EOW of
the Mumbai Police are also investigating the case, and looking into brokers’ roles
in the matter. A committee appointed by the Bombay HC also had raised doubts on
the role of brokers and recommended audit of books of leading brokers.
According to NSEL disclosures, subsidiary Indian Bullion Markets Association
had the highest exposure to NSEL at Rs 1,159 crore, in June 2016. Other brokers
with high exposure include AnandRathi (Rs 629 crore), India Infoline
Commodities (Rs 326 crore), GeofinComtrade (Rs 313.25 crore), Systematix
Commodities Services (Rs 277 crore), MotilalOswal Commodities (Rs 263 crore)
and Phillip Commodities (Rs 140 crore). However, some of these dues have been
paid to the brokers.
Since 2013 when NSEL crisis came into light & ED registered a case under the
Prevention of Money Laundering Act, upto 800 Cr has been attached till date. A
supplementary charge-sheet could be expected stated by ED official.
occurred. Under Prevention of Money Laundering Act ED has decided to secure
the immovable properties of NSEL Defaulters. The defaulters are the large
borrowers who are responsible for the crisis.
According to the sources the investments of these 14 defaulters are under ED’s
observation. He also stated that there is high possibility of freezing assets of one
the defaulters. According to ED most of the properties of the defaulters are
considered to be situated in Middle East. ED states that from 5%-10% of the NSEL
crisis amount is pumped out overseas which is calculated up to 280-560 Cr. The
defaulters who are under ED’s eye are Ark Imports, LOIL, NK Proteins, Mohan
India, etc. It is a clearly stated fact that reimbursement of the affected investors of
NSEL is possible after ED confiscates properties of defaulters in India & overseas.
On the other side ED is also taking action against brokerage firms who were
equally responsible for money laundering in NSEL crisis. For the first time senior
officials from brokerage firms like MotilalOswal, India Infoline Commodities,
GeofinComtrade& Phillip Commodities were called for questioning. One of the
ED official mentioned that many of the investors could also have been in the loop
about such structured products being in contravention of the extant norms. They
are looking at certain clues on unauthorized changes made on NSEL platform. The
names of clients on NSEL servers were found to be different from those in
brokers’ records.
Apart from the ED, the Securities and Exchange Board of India and the EOW of
the Mumbai Police are also investigating the case, and looking into brokers’ roles
in the matter. A committee appointed by the Bombay HC also had raised doubts on
the role of brokers and recommended audit of books of leading brokers.
According to NSEL disclosures, subsidiary Indian Bullion Markets Association
had the highest exposure to NSEL at Rs 1,159 crore, in June 2016. Other brokers
with high exposure include AnandRathi (Rs 629 crore), India Infoline
Commodities (Rs 326 crore), GeofinComtrade (Rs 313.25 crore), Systematix
Commodities Services (Rs 277 crore), MotilalOswal Commodities (Rs 263 crore)
and Phillip Commodities (Rs 140 crore). However, some of these dues have been
paid to the brokers.
Since 2013 when NSEL crisis came into light & ED registered a case under the
Prevention of Money Laundering Act, upto 800 Cr has been attached till date. A
supplementary charge-sheet could be expected stated by ED official.
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