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ED Charge Sheet In NSEL Crisis Case
Introduction to NSEL Crisis When & Where ED Filed Charge Sheet? PMLA Act Media Reports NSEL Defaulters missing in ED’s Charge
Sheet Question Arises Conclusion
Agenda
National Spot Exchange Limited (NSEL) crisis came to light on 31st July 2013
When the exchange suspended trading in all its contracts
After the payment crisis, NSEL had declared 24 members as NSEL DEFAULTERS
Since then, NSEL defaulters have been under the scanner of multiple investigation agencies
Introduction to NSEL Crisis
Enforcement Directorate (ED) had filed the charge sheet on 1st April 2015
Charge sheet was filed before the principal judge in the session court of Mumbai
Charge sheet explains the criminal conspiracy undertaken by defaulters which led to crisis
When & Where ED Filed Charge Sheet?
ED had registered a criminal case under the Prevention of Money Laundering Act(PMLA) in 2013
ED registered case in 2013 to investigate case with EOW of Mumbai Police
There was no evidence of money trail against Jignesh Shah, the top promoter of NSEL
PMLA Act
According to the charge sheet out of Rs 5,400 crore of defaulted amount
Money trail is suspected of Rs 1,400 crore, transacted on the exchange during 2009- 13
So, the net default amount is Rs 4,000 crore
ED is still probing the money trail of Rs. 1,400 crore which will appear in additional charge sheet
Media Reports
The charge sheet filed by ED contains names of 68 people
Including key officials of NSEL and few defaulters
ED has not yet filed charge sheet against the following defaulters –◦ LOIL Group ◦ Metkore Alloys ◦ ARK Imports ◦ NCS Sugars ◦ Shree Radhey Trading ◦ Vimladevi Agrotech ◦ MSR Foods
NSEL Defaulters missing in ED’s Charge Sheet
Why the remaining defaulters are not a part of the charge sheet filed by ED?
Why ED is not tightening the rope on these defaulters?
When will ED file charge sheet against these defaulters?
Question Arises
As per sources, ED would file an additional charge sheet in the next three months
Which will include the rest of defaulters & few more names
Hopefully ED will file a charge sheet against the remaining defaulters soon
Conclusion
THANK YOU