 "NSEL crisis: NK Proteins MD, others sent to jail")
Two former officials, Amit Mukherjee and Jai Bahukhandi, of scam-hit National Spot Exchange Ltd were sent to judicial custody (jail) on Monday by a court here till Novmber 13, as was Nilesh Patel, managing director of NK Proteins, the largest of the defaulters on the exchange.
Mukherjee and Bahukhandi had been in police custody, as was Anjani Sinha, former MD of NSEL, who was earlier also sent to judicial custody. Patel, whose company is charged with owing Rs 970 crore to depositors on the exchange, has applied for bail; the hearing is scheduled for November 11. The othes might also ask for bail, in which case this is likely to be heard on the same date.
The city police’s economic offences wing, which made the arrests, has frozen 80 bank accounts of NK Proteins and Patel. The NSEL ex-officials are likely to face action under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act. This allows attachment of property for settling investors’ accounts.
Mukherjee and Bahukhandi had been in police custody, as was Anjani Sinha, former MD of NSEL, who was earlier also sent to judicial custody. Patel, whose company is charged with owing Rs 970 crore to depositors on the exchange, has applied for bail; the hearing is scheduled for November 11. The othes might also ask for bail, in which case this is likely to be heard on the same date.
The city police’s economic offences wing, which made the arrests, has frozen 80 bank accounts of NK Proteins and Patel. The NSEL ex-officials are likely to face action under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act. This allows attachment of property for settling investors’ accounts.