 "Jignesh Shah's Juhu house attached by Mumbai police")
The police on Tuesday also attached properties of other directors, including Joseph Massey, Shreekant Jawalgekar and past chairman Shankarlal Guru’s.
An official said the total book value of the 206 properties attached was Rs 2,580 crore but it covered only half the NSEL’s 24 borrowers. Other borrowers’ properties were being attached.
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Apart from the bungalow, Shah, whose Financial Technologies (India) Limited (FTIL) had promoted the NSEL, owns a row house (estimated at Rs 78 lakh) at Arrey Colony in Goregaon and a plot in Pune (Rs 1.6 crore). His shares in FTIL worth Rs 1.78 crore, in Indian Energy Exchange (Rs 51 lakh), and fixed deposits worth Rs 11.57 crore have been attached.
The police action follows complaints after the exchange defaulted on Rs 5,574 crore. The police have attached 15 vehicles worth Rs 5.82 crore. A total of 322 bank accounts having Rs 171 crore cash and shares and investments worth Rs 229.22 crore have been frozen.
The official said if the market value of these properties were considered, 95 per cent of the depositors’ dues could be paid.
The attachements have been made under the provisions of the Protection of Investors Deposit (Financial Scheme) Act.
EOW said two flats of Massey at Andheri MIDC in the western suburb and his shares worth Rs 98 lakh in MCX had been attached. Javalgekar’s four flats and shares worth Rs 1.2 crore have also been attached.
The list includes the Ahmedabad bungalow of Shankarlal Guru, father-in-law of one of NSEL’s borrowers.
“We are looking into the books of accounts of the borrowers and this is taking time as there is layering and money is flowing into multiple accounts. We have secured assets of Rs 3,000 crore in little over a month. The money trail is the key,” said Rajvardhan Sinha, additional commissioner.