On the grounds of money laundering
the Enforcement Directorate (ED) arrested a businessman from Ludhiana in NSEL
case. On Friday the they decided to take the actions against Mr.Kailash Agarwal
from ARK Imports who is one of the biggest defaulter in NSEL crisis.
The accused, Kailash Agarwal of ARK Imports, had
allegedly looted Rs 719.21 crores from trading clients through the NSEL platform.
It was his strategy to fool the trading clients by saying that he had stocked
woollens of the same worth in his godown. Afterwards, he allegedly defaulted on
payments. On Saturday, Aggarwal was produced before an ED court which sent him
to the custody of the agency till September 29.
NSEL sources stated that,
Aggarwal is among the key accused who is guilty for cheating 13,000 investors
of Rs 5,600 crores in 2013. Anubhav Aggarwal, son of Kailash Aggarwal is
absconding for a long time and he is currently living in Dubai. They have invested
the NSEL’s defaulted money in real estate and most of the funds are diverted to
overseas. It was realized that they assured the trading clients about having possession
of trading commodities like wool, paddy, wheat, mustard oil at their warehouses
at Ludhiana, Samrala and Nawanshahr.
If
found guilty he can be imprisoned for 7 years.
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