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NSEL probe: More properties of Mohan India attached

Earlier, the ED had attached properties worth Rs 75 crore of the group

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BS Reporter Mumbai
Last Updated : Dec 16 2013 | 12:48 AM IST
The enforcement directorate (ED) has attached more properties of Mohan India worth about Rs 100 crore, under the Prevention of Money Laundering Act (PMLA), as part of the probe into the payment default at National Spot Exchange Ltd (NSEL).

Earlier, the ED had attached properties worth Rs 75 crore of the group. Mohan India and its group companies, Tavishi Enterprises and Brinda Commodity, are among the biggest defaulters in the NSEL scam, with dues to investors of Rs 922 crore. The PMLA has stringent provisions on attachment of properties, arrest and prosecution.

ED investigators say they've found a number of shell companies were used in a multi-layer laundering of funds. Funds were allegedly channelised to purchase real estate in and around Delhi, bought in the name of a Whiz kid Promoters. The attached properties include an entire floor in a property in the posh area of Jor Bagh.

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Further investigations are on and more attachments are likely, said an official.

Also, the city police's economic offences wing is to soon send letters to six or eight leading commodity brokers in connection with its enquiry on mis-selling of NSEL products.

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First Published: Dec 15 2013 | 11:39 PM IST

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