National Spot Exchange
Ltd. came into discussion on a larger basis when NSEL crisis surfaced in 2013. The matter came under scanner of multiple agencies since
then. Exchange was forced to shut down and suspend all its trading contracts. When the NSEL and its parent company FTIL was
getting targeted, in actuality it was a well planned strategy of defaulters and
brokers. It was stated that many investors claimed that the brokerage firms
used their money & account details fraudulently.
Reportedly Udaipur-based
NSEL investor Achal Agarwal invested his money through a well-known
broker Geojit Comtrade. Mr. Achal filed a complaint against his broker and
has suspected that his broker has swindled money under his name. Mr. Agarwal
also learned about the unsought-disbursement of loan against Geofin
Comtrade and Geojit Credits’ Ltd. These brokers together dishonestly used
Mr. Achal’s account and PAN details to invest their huge amounts on NSEL
platform.
Mr. Agarwal told
Business Line that the outstanding receivable amount mentioned on his name was
shocking. The outstanding receivable amount mentioned in NSEL was Rs. 4 Crore
whereas the actual amount was only 9.75 lakh. Achal also stated that he has not
taken any loan from anywhere for investing on the NSEL platform. He has also
not received any such amount in any of his personal account. However, the
actual trading amount of Achal Agarwal on NSEL platform through GeojitComtrade
was Rs. 9.75 lakh.
The Bombay High
Court gave instructions to the High Court Committee to seek KYC (know your
customer) details from NSEL investors. Bombay High Court also asked NSEL and
investigative agencies to be acquainted with the actual truth from the broker.
Mr. Achal has filed a
complaint to the High Court Committee (HCC) on 4th July 2015. He has probed to
investigate in this matter and consider this money laundering a serious manner.
The forgery is done by Geofin Comtrade and Geojit Credits Ltd; a company owned
by C P Krishna.
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