NSEL crisis: Mumbai police to attach properties of accused

Some of the movable assets of those arrested have already been seized, says official

The city police's Economic Offences Wing has started identifying the immovable assets of those accused in the Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL) in a bid to attach them.

The EOW, which has arrested three people including former NSEL managing director and chief executive Anjani Sinha, had invoked the stringent Maharashtra Protection of Interest of Depositors (MPID) Act in this connection.

"We are identifying the immovable properties of the accused so that we can attach them and submit a detailed report to the special MPID court, which has an authority to direct the department concerned to auction them and dole out the money to the victims," said an officer.

The Mumbai city and suburban Mumbai collectors recently granted permission to invoke the Act, which gives the EOW power to attach the properties of all the accused.

"We are shortlisting the accused's assets...," the officer said.

Some of the movable assets of those arrested have already been seized, the officer added.

"Arrested accused Anjani Sinha, the former head of the beleaguered bourse, is forthcoming and revealing as to what sort of dealings he had done while he was in the office," the officer said.

He added the probe has indicated that the NSEL's board was driven by a few men and it has clearly emerged that a lot of mismanagement took place in the bourse.

The officer categorically stated that no accused in the case would be turned approver as the investigators have sufficient electronic and documentary evidence against the accused.