NSEL scam: ED attaches Rs 18.1 cr assets of defaulting firm

Tags: News
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.

EDITORIAL OF THE DAY

  • CAG's observations on auction of coal blocks must be investigated by CVC

    Coal has an intrinsic relationship with fire.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Simon J Evenett

Pulling out all stops & Trump cards

Donald Trump, the Republican Party nominee for US president, is ...

Zehra Naqvi

Let others show you what they see

The power to imagine yourself in someone else’s shoes, to ...

Dharmendra Khandal

When it rains, this beetle starts rolling dung

On the buffer road of a forest, a small metallic ...