"During the raids, it has emerged that 30 of the about 60 warehouses our teams raided were found to be empty. This indicates that certain traders allegedly connived with the NSEL officials and did not deposit physical stocks in the warehouses for money they received from the investors," the official told PTI.
"Another shocking thing is that four warehouses did not even exist, though they appear on documents seized from the NSEL and others," the official added.
The spot commodity bourse, promoted by Jignesh Shah- led Financial Technologies (FT), has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on July 31 on Government's direction.
An FIR was filed on Monday by EOW against Shah, Joseph Massey (MD of MCX, another FTIL-promoted firm), other promoters, directors and defaulters charging them with cheating, forgery, breach of trust and criminal conspiracy, among others.