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Now, it is the turn of the directors, including Jignesh Shah and Joseph Massey, of National Spot Exchange Limited (NSEL). Their properties would be attached by the economic offences wing (EOW) of the city police. The EOW has attached 166 properties of borrowers of the NSEL, with Rs 5,574 crore of dues to several thousands of investors.
An official on Tuesday said they had not found any money borrowed by the 24 defaulters on the platform being routed back to any subsidiary of the Financial Technologies (India) Limited, or FTIL.
Meanwhile, it is learnt the largest borrower of NSEL, NK Proteins, has proposed to enter a settlement pact with the exchange. Managing Director (MD) Nilesh Patel is in judicial custody. The company will pay Rs 275 crore only. The first instalment of Rs 15 crore will be in three weeks. After that, it will be Rs 5 crore a month. It proposes to pay in four years. The proposal has not been approved by the court. A source said the top-five borrowers were in settlement talks. Though this could not be verified.
Probe on FIR against NCDEX
The EOW on Tuesday said it was going to start a preliminary inquiry into the black pepper traded on the National Commodity & Derivatives Exchange on an FIR by Vineet Chopra. The complaint is Malabar Garbled black pepper was mixed with mineral oil. NCDEX said it had not received any query. “It appears the complaint is by Kalimirchi Vyapari Association, comprising entities that traded in the pepper futures contracts. The body is representing the interest of a cartel comprising Betul Oil and related entities, against whom a probe on market manipulation is in progress,” NCDEX said.
An official on Tuesday said they had not found any money borrowed by the 24 defaulters on the platform being routed back to any subsidiary of the Financial Technologies (India) Limited, or FTIL.
Meanwhile, it is learnt the largest borrower of NSEL, NK Proteins, has proposed to enter a settlement pact with the exchange. Managing Director (MD) Nilesh Patel is in judicial custody. The company will pay Rs 275 crore only. The first instalment of Rs 15 crore will be in three weeks. After that, it will be Rs 5 crore a month. It proposes to pay in four years. The proposal has not been approved by the court. A source said the top-five borrowers were in settlement talks. Though this could not be verified.
Probe on FIR against NCDEX
The EOW on Tuesday said it was going to start a preliminary inquiry into the black pepper traded on the National Commodity & Derivatives Exchange on an FIR by Vineet Chopra. The complaint is Malabar Garbled black pepper was mixed with mineral oil. NCDEX said it had not received any query. “It appears the complaint is by Kalimirchi Vyapari Association, comprising entities that traded in the pepper futures contracts. The body is representing the interest of a cartel comprising Betul Oil and related entities, against whom a probe on market manipulation is in progress,” NCDEX said.
