National Spot Exchange (NSEL) today alleged that Ram Naresh Saraf and his son Pankaj -- one of the complainants -- are hand in glove with Primezone Developers, a firm floated by former CFO of PD Agro, a defaulter.
Pankaj Saraf's complaint to the Economic Offences Wing of the Mumbai Police had led to the FIR in the Rs 5,600-crore NSEL scam two years ago.
PD Agro is the fifth-largest defaulter in the NSEL scam owing Rs 687 crore. The Haryana-based company, through its arm Primezone Developers, entered into a deal with Ram to buy his receivables at discount for Rs 54.04 lakh on April 2, 2014, NSEL alleged. The Sarafs recovered their money at a discount of 10 per cent, it added.
"This deal is a clear indication of the complainants hand in glove with the defaulters. The said deal is in contravention of the Bombay High Court order which had said a settlement could be reached only with prior approval of FMC," NSEL Joint MD Prakash Chaturvedi told reporters here.
The Sarafs have kept this deal a secret and not informed the HC committee, EoW, FMC, the MPID (Maharashtra Protection of Interest of Depositors) court or any other investigating agency about the deal, Chaturvedi added.
Pankaj and his father Ram account for Rs 4.19 crore of receivables from defaulters traded on NSEL through Capital First Commodities and Way2wealth Commodities, NSEL claimed.
The Sarafs, however, could not be reached for comments.
