CBI verifying facts in NSEL case

CBI is verifying facts in connection with a complaint of duping of investors by National Spot Exchange which is already under scanner of SEBI and Enforcement Directorate.
CBI sources said although they have received the complaint, the matter is under the verification stage.
The NSEL, promoted by Jignesh Shah-led Financial Technologies (India) Ltd, is facing the problem of settling Rs 5,600 crore dues to 148 members or brokers, representing 13,000 investor clients, after it suspended trade on July 31 on the government direction.
The sources said since both the exchange and the victims were private parties, the CBI would analyse the facts in detail before proceeding in the matter.

The Enforcement Directorate and SEBI are already looking into the case of payment crisis on the commodity exchange.
Sources said once the Finance Ministry and a panel of Secretaries, headed by Economic Affairs Secretary Arvind Mayaram, go through the contents of the report, legal action could be initiated against those involved in the operations of NSEL.

The meeting is scheduled for tomorrow.
The ED, according to sources, could register cases under the Prevention of Money Laundering Act (PMLA) and may also launch a preliminary inquiry to probe forex violations under the Foreign Exchange Management Act (FEMA).
"We are committed to recover money... We are not sitting quiet... We will do everything to recover money. The whole focus should be on 23 borrowers because money trail is up to them. As a promoter, we are not at all a beneficiary, as campaign is going on," Shah had said.