Anjani cross-examined at FT Tower

The economic offences wing of the city police on Monday cross-examined former National Spot Exchange Ltd (NSEL) managing director Anjani Sinha at FT Tower, where the crisis-ridden NSEL's offices are located.

NSEL is promoted by Financial Technologies.

During the course of the investigation into the Rs 5,600-crore payment crisis at NSEL, the police found the software at the exchange, provided by Financial Technologies, was manipulated. Earlier, when questioned, Anjani Sinha has said the NSEL board was in the loop about the goings-on, as it had cleared proposals by borrowers. This indicated the how the board had mismanaged things, he added.

Sources in the economic offences wing said Anjani Sinha wouldn't be allowed to turn an approver. The city police wing has begun the process of attachment of properties of defaulters. However, the details of this could not be ascertained. The sources added action was being contemplated against the exchange's defaulters. Of the 24 borrowers, as many as 19 were declared defaulters by NSEL.