The Economic Offences Wing's (Mumbai police) investigation of the Rs 5,574-crore National Spot Exchange Limited (NSEL) scam is zeroing in on the brokers of the exchange. An official on Thursday said notices will be sent from Friday to the brokers; from Saturday the interrogation will begin. There are 24 brokers whose share was higher in NSEL volumes; they will be called first. The wing is forming a special team.
The action follows a complaint by the NSEL Investors Action Group to the wing. The group was formed by some members of the NSEL Investors' Forum as the latter had investors as well as brokers. The group had also complained these brokers knew there was not enough commodity stock with the exchange, running like a non-banking financial company.
The police has obtained data from the NSEL server on the transactions of these brokers. "The brokers were complicit in the NSEL scam."
Meanwhile, the police said the management and directors of the Financial Technologies (India) Limited will also be called for interrogation in the coming weeks. Chief Jignesh Shah, whose statement was recorded on Wednesday, would be called.
An official said the frozen assets' value is 80 per cent of the size of the NSEL scam. "Now, the focus will be on freezing the liquid assets of the borrowers."
