National Spot Exchange
Ltd. (NSEL) came into focus when the crisis surfaced in the year of 2013. Since
then various agencies are investigating the case. Exchange platform was shut
down immediately and enforced to stop all its trading contracts. After the
payment crisis Regulatory Body, Investigating Agencies and NSEL had declared 24
members as NSEL Defaulters.
Defaulters are the
borrowers. The defaulters who are accountable for the NSEL payment crisis are
N.K. Proteins, Mohan Group, LOIL Group, Ark Imports Pvt Ltd, PD
Agroprocessors Pvt Ltd, Yathuri Associates, Lotus Refineries Pvt Ltd, Aastha
Group, Metkore Alloys & Industries Ltd, Swastik Overseas Corporation, White
Water Foods Pvt Ltd, Namdhari Group, NCS Sugars Ltd, Spin-Cot Textiles Pvt Ltd,
Vimladevi Agrotech Ltd, Shree Radhey Trading Co and MSR Food Processing.
All the officials who
are investigating the NSEL case have the money trail traced to all these
defaulters. It states clearly that defaulters have all the money laundered in
NSEL case and it is siphoned to middle east where defaulters own assets in
forms of properties and lands. Even after three years after the NSEL crisis the
defaulters who have 100% of the traders’ amount are still roaming free. The
defaulters diverted trading clients’ money into parallel businesses instead of
returning the outstanding dues. The defaulters cheated the trading clients by
hypothecating stocks to banks, investing the default amount in purchasing
benami properties and also slowed down the recovery process by making it
difficult. All the evidences point out to the defaulters.
On August 12, 2013,
FMC in its letter had stated that there was a possibility that the defaulters
have violated the Prevention of Money Laundering Act (PMLA). The Honble’ Bombay City Civil Court, vide its order has observed
that it appears the persons responsible for default in payments are the defaulters
where all the trading clients are targeting NSEL and FTIL.
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