NSEL scam: EOW attaches over Rs 7,000 crore assets of FTIL

The Economic Offences Wing (EOW) of Mumbai police has attached assets worth Rs 7,063 crore belonging to Financial Technologies India Ltd (FTIL), owned and founded by Jignesh Shah, an official statement said on Sunday.

"So far, 831 properties worth Rs 7,063 crore have been attached by EOW, Mumbai police under MPID Act, out of which, attachment of 711 properties worth Rs 6,115 crore have been notified.

"EOW, Mumbai Police was requested to expedite realisation of value of attached assets, as per the procedure, quickly," a Finance Ministry statement here said following a review meeting last week chaired by Economic Affairs Secretary Shaktikanta Das.

So far, 12 such meetings have taken place, with the previous one being held on June 6, it added.

The latest developments follow Shah's recent arrest by Enforcement Directorate (ED) in connection with the Rs 6,000 crore scam at National Spot Exchange Ltd (NSEL), which is owned by FTIL.

The ED said it had collected evidence of money-laundering against Shah, and he has been remanded in judicial custody till August 1 by a Special PMLA (Prevention of Money Laundering Act) court.

Last month the central government asked the Maharashtra government to quickly auction the assets attached and refund investors at the earliest.

On the merger of NSEL with FTIL, the statement said the Bombay High Court had restrained the government from notifying it.

The prosecution complaint under PMLA details a money trail of over Rs 3,721 crore.

Further, Financial Intelligence Unit has been directed to make all efforts to ensure realisation of the Rs 1.66 crore penalty imposed on NSEL for non-compliance of PMLA, it added.

--IANS

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