NSEL scam: Three brokers sent to judicial custody until March 20

Amit Rathi, C P Krishnan and Chintan Modi are the three brokers

The Maharashtra Protection of Interest of Depositors (MPID) court sent the three arrested broking firms’ executives to judicial custody until March 20 in the Rs 5,600-crore scam at National Spot Exchange Ltd (NSEL).

Arrested on March 3 by the Economic Offences Wing (EOW) of the Mumbai Police, Amit Rathi, director of Anand Rathi Commodities, was sent for police custody first till March 7, which was later extended to March 13.

Officials of the other two brokerages - C P Krishnan, director of Geofin Comtrade, and Chintan Modi, director of India Infoline Commodities - were sent for police custody by March 13. The EOW presented them before the court today and they were later sent for judicial custody for a week.

ED attaches a rice mill
 

The Enforcement Directorate (ED), on Thursday, has attached a Haryana based rice mill of White Water Foods Pvt Ltd (WWPL), a defaulter in the Rs 5,600-crore payment default at National Spot Exchange Ltd (NSEL). According to an estimate, the attached rice mill is valued at Rs 41 crore.

Chandigarh–headquartered WWPL has a total payment obligation of Rs 84.82 crore as of January 30, 2015. Attempts to reach WWPL directors Kamal Dewan and Mohit Dewan proved futile.

Earlier, the ED had attached an Ahmedabad-based oil mill worth Rs 278 crore of N K Proteins (NKP) in the same case. With this, overall worth of attached properties by all agencies is estimated at over Rs 6,300 crore.