For Quick Alerts
For Daily Alerts

NSEL Scam: Two Top Honchos of Defaulting Firms Arrested

By Super

Mumbai Police today arrested two top honchos of different defaulting companies, which collectively owe over Rs 1,000 crore to the crisis-hit NSEL.

"Gagan Suri, one of the directors of Yathuri Associates, was apprehended from Chandigarh, while Ranjeev Agarwal, promoter of P D Agro Processors was picked up from Karnal (at Haryana) in connection with the NSEL case," Rajvardhan Singh, Additional Police Commissioner (EOW) of Mumbai Police.

NSEL Scam: Two Top Honchos of Defaulting Firms Arrested
Suri's company owes Rs 424 crore, while Agarwal defaulted about Rs 644 crore to the beleaguered spot exchange, he said adding that the assets of these two companies' have already been attached.

The Economic Offences Wing (EOW) of Mumbai Police, probing the Rs 5,600 crore NSEL scam, has so far attached movable and immovable assets worth nearly Rs 6,000 crore belonging to all the accused.

"The duo (Suri and Agarwal) were evading summons served to them by the investigators, thereby dodging the questioning. Both of them, who were found to be part of the conspiracy that led to the NSEL crisis, will be produced before the court tomorrow," the IPS officer added.

The accused had initially co-operated with the investigators, but later began ignoring calls from the policemen, the officer said.

"In fresh round of questionings, we wanted to know where the accused parked their money, among other things. However, they were avoiding us," he added.

Earlier, the EOW sleuths had arrested about 20 accused in this connection, including the spot exchange executives and defaulters in connection with the alleged scam. All of them are now out on bail.

An FIR in the case had been lodged on September 30 last year by the EOW against director Jignesh Shah and others charging them with cheating, forgery, breach of trust and criminal conspiracy, among other offences.

The spot commodity bourse, promoted by Shah-led Financial Technologies (FTIL), has been facing problems in settling Rs 5,600 crore dues of 148 member brokers, representing 13,000 investor clients.


Read more about: nsel national spot exchange
Story first published: Wednesday, October 22, 2014, 8:50 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more