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  • ED attaches assets worth Rs. 135 cr in NSEL scam case

    Published on February 16, 2017

     

    New Delhi: The Enforcement Directorate (ED) yesterday attached assets, in the form of mutual funds, worth Rs 135 crore in connection with its money laundering probe in the NSEL scam case.

    The agency’s zonal office in Mumbai issued provisional orders under the Prevention of Money Laundering Act (PMLA) against Financial Technologies Limited (FTIL), now known as Ms 63 Moons Technologies Limited.

    The Enforcement Directorate, in its order said, bonds worth Rs 135 crore in possession of Ms 63 Moons Technologies Limited have been attached provisionally and the total attachment against them is Rs 1,253 crore. While the total attachment in the case, including those of others, stands at Rs 2,191 crore.

    The ED said investigations have revealed that the National Spot Exchange Limited was acting as a platform for defaulters and was earning by the process of charging various fees and penalties among others. It further said, by virtue of its shareholding of 99.99 per cent in the NSEL, the FTIL had complete authority over all the affairs of the NSEL enabling it to appoint all Directors on the board of the NSEL and through them had effective control over its functioning.

    The ED, along with the Economic Offences Wing of the Mumbai Police, had registered a criminal case under the Prevention of Money Laundering Act (PMLA) in 2013 to probe the case. The ED had in March 2015 also filed a 20,000-page charge sheet against the NSEL and 67 others in a court in Mumbai alleging the NSEL funds were laundered and illegally ploughed into purchase of private properties.