 "Police begin forensic audit of NSEL brokers")
The economic offences wing of the city police, investigating the National Spot Exchange (NSEL) scam, has started forensic audits of the accounts of brokers which traded on the platform.
An EOW official told reporters a team visited offices of one of the large brokers of NSEL on Thursday, to verify certain documents, and this would continue for another two days. He declined to give details.
Based on the findings of the money trail of the NSEL borrowers, police officials said they saw the likelihood of Rs 100 crore moving out of the country, perhaps through a hawala route. Investigation into this is on.
There are several cases in court where EOW will have to respond; it will also file cases, including for auction of properties and cases in the NSEL story. So, it has appointed a public prosecutor for appearing in court on its behalf.
On Thursday, a director of PD Agro, one of the large NSEL borrowers, had come to EOW. So did Jignesh Shah, head of the exchange’s promoter group, having been summoned for questioning.
An EOW official told reporters a team visited offices of one of the large brokers of NSEL on Thursday, to verify certain documents, and this would continue for another two days. He declined to give details.
Based on the findings of the money trail of the NSEL borrowers, police officials said they saw the likelihood of Rs 100 crore moving out of the country, perhaps through a hawala route. Investigation into this is on.
There are several cases in court where EOW will have to respond; it will also file cases, including for auction of properties and cases in the NSEL story. So, it has appointed a public prosecutor for appearing in court on its behalf.
On Thursday, a director of PD Agro, one of the large NSEL borrowers, had come to EOW. So did Jignesh Shah, head of the exchange’s promoter group, having been summoned for questioning.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%