The Enforcement Directorate (ED) has earmarked assets worth about Rs 15,000 crore that will be restored to victims of real estate, Ponzi and other frauds across India during the current financial year. The agency has been "aggressively" initiating this provision for restitution since last year to ensure rightful claimants duped by financial crime get their dues. The ED has already restored Rs 31,951 crore worth of assets under this provision, including Rs 15,201.65 crore from 2019-21 in cases related to Vijay Mallya, Nirav Modi and the National Spot Exchange Limited (NSEL). The ED Director has issued directions to all regions to actively work on cases marked for restitution of assets worth Rs 15,000 crore during the financial year 2025-26.
He also said the Forward Contracts (Regulation) Act would be amended to strengthen the regulatory framework of the commodity derivatives market.
The showcause notice by the Forwards Market Commission to promoters of National Spot Exchange Limited on Friday, including Jignesh Shah, is the culmination of a series of steps by the authorities to tighten the noose around Shah.
e-Gold, a product launched by National Spot Exchange Limited has the ideal combination of both the forms -- physical and electronic gold. Here are some enticing reasons why you must buy e-Gold.
The court, later in the day, allowed his application.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
According to an ED order, the agency has seized movable and immovable properties of the firm -- Ms N K Proteins -- in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act.
Claiming innocence, former head of the National Spot Exchange Limited (NSEL) Anjani Sinha, held in the Rs 5,600 crore (Rs 56 billion) payment crisis, on said that he was acting under the board's pressure, sources said.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
The Enforcement Directorate on Friday arrested the CEO of a defaulting firm on money laundering charge in connection with its probe in the National Spot Exchange Limited scam case.
The latest attachment order was issued by the central probe agency against Ms PD Agroprocessors Pvt Ltd, one the defaulters at the bourse.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
NSEL had earlier suspended trading and merged the settlement cycles of all one-day forward contracts.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The agency's latest action, under Prevention of Money Laundering laws, had been taken against the borrower company and its two group companies, which owe the investors Rs 922 crore (Rs 9.22 billion), sources said.
National Spot Exchange Limited, promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore (Rs 56 billion).
The Rs 5,600-crore (Rs 56 billion) NSEL scam could have been averted had its top management and other functionaries "performed their duties and exercised due diligence" to check the dubious activities of defaulting firms which have been alleged to have cheated numerous investors, investigation by Enforcement Directorate (ED) has revealed.
In the first arrest in the NSEL's Rs 5,600 crore (Rs 56 billion) payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row yesterday, was held on Wednesday by Mumbai police's Economic Offence Wing (EOW).
The Income Tax department has declined to share details of probe being carried out in Rs 5,600 crore (Rs 56 billion) payment default by National Spot Exchange Limited (NSEL) saying it would "hamper the process of investigation or apprehension of offenders".
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
Investors will get the money directly in their demat accounts or through their brokers. They won't get physical delivery any more.
The stock market watchdog had said any adverse findings by other regulators might have a bearing on the exchange.
Despite the low prices, commodities are risky investments
More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
'My confidence in the Indian judiciary is absolute after I saw justice being delivered in Gujarat even when a BJP government was ruling the state. The Muslims of Gujarat believed that they will never get justice in a BJP-ruled state, but the facts are before all of us to make a judgment.'
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