Enforcement Directorate has begun large-scale identification and valuation of properties of borrowers and members of scam-hit National Spot Exchange Limited (NSEL) as it prepares to attach more assets in connection with its money laundering probe.
The agency has recently seized and attached asserts worth an estimated Rs 75 crore of a borrower company and its associates-- Mohan India Limited-- in this case.
"The agency has initiated the action as the bourse has been continuously defaulting on payments and these assets need to be sealed in the interest of the probe," sources said.
The agency had also conducted searches on the premises of Mohan India Ltd on October 31 and had issued prohibitory orders on a number of them.
The ED had earlier registered a criminal case under PMLA.
The ED, sources said, suspects that the firm laundered huge amounts of sums generated from the operations at NSEL and its investigations suggest these funds were ploughed into real estate and other avenues.
An attachment action under money laundering laws is meant to deprive the accused of the benefits of the ill-gotten property or assets.
The order can be challenged before the Adjudicating Authority of PMLA within 180 days.
The ED, according to its probe till now, found no sugar stocks in the name of some firms which were reflected in the original documents as it found purchase of real estate from the funds of the activities at the NSEL.
