On Monday, EOW had registered an FIR against Financial Technologies India (FTIL) that owns NSEL, its office bearers and two dozen private firms for cheating. "Our searches and raids are on and will take at least four more days to be over. Our teams today visited eight warehouses of NSEL and did panchanamas.
One raid was conducted at the office and residence of N K Proteins's chairman Keshavlal Patel in Gujarat and another search was carried out at the residence and office of Mohan India's chairman," said Rajvardhan Sinha, additional commissioner of police, EOW. N K Proteins owes around Rs 930 crore to NSEL and Mohan India is one of the largest borrowers at the exchange.
The FIR filed by an investor Pankaj Saraf named FTIL chairman Jignesh Shah, MCX Stock Exchange MD Joseph Massey and auditor Mukesh Shah, among others.All the accused have been booked for forgery, criminal breach of trust, cheating and criminal conspiracy. Saraf alleged that NSEL built its business model around trading in "non-existent" goods and giving investors an impression that goods were in warehouses, when none existed.
"Our priority is not to make arrests at this moment but to seize more incriminating materials from the spots and suspects. We want to find the money trail. Where has the money gone?" asked an officer. Some brokers in this case are also helping the cops. "If we find they connived with the accused, they will also be booked."
The raiding teams have also seized a forensic report from the NSEL off ice. Police teams, that went to 35 locations in Maharashtra, 18 places in New Delhi, five premises in Rajasthan, 15 in Chandigarh and Mohali, several places in Haryana, Madhya Pradesh, UP and Gujarat, are in constant touch with the two newly set up control rooms of EOW in Mumbai. "This facility has been given for a speedier probe. They can call here if they have any problem. The telephone lines are being monitored round-the-clock," a police source added.
CBI starts preliminary probe into scam
NEW DELHI: The CBI has started an enquiry into alleged irregularities by NSEL, which is facing a payment settlement problem of Rs 5,600 crore. CBI sources said the economic offe nces wing (EOW) of the agency's Mumbai branch had received complaints from investors who lost their money with the spot exchange that is promoted by the Jignesh Shah-led Financial Technologies (FTIL). "We have registered a preliminary enquiry to look into all aspects comprehensively," CBI spokesperson Kanchan Prasad said.
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNH9XX6p-3ex4bSqsk0H5RLWFTRLJQ&url=http://timesofindia.indiatimes.com/business/india-business/EOW-freezes-58-accounts-over-NSEL-payment-crisis/articleshow/23379375.cms
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