80% of NSEL dues can be recovered from attached properties, says EOW

The value of the properties of the borrowers of National Spot Exchange Ltd (NSEL) that have been attached has been put at Rs 4,000 crore by the Economic Offences Wing (EOW) of the Mumbai Police. An official of the EOW said the 173 properties were valued at Rs 2,066.4 crore, a preliminary valuation based on the book value. The market value was likely to be higher, at least Rs 4,000 crore, said the official.

These assets do not include the promoters'.

"We are confident of recovering at least 80 to 85 per cent of the amount of default," said an official.

The book value of the attached assets of Mohan India is Rs 601 crore, Yathuri Rs 357 crore, N K Proteins Rs 455 crore, P D Agro Rs 276 crore and Laxmi Overseas Rs 252 crore, said the official.

The assets include immovable properties, shares and investment in vehicles. So far, 15 vehicles of Rs 6.5 crore have been seized by the EOW.

The EOW will finish filing the charge sheet by December- end against those under custody and the liquidation of assets would begin after that. The EOW will be appointing a valuer to conduct the valuation of attached assets.