Visits made by Business Standard to several borrowers in Ludhiana, Panchkula, Delhi, Mumbai, Ahmedabad and Hyderabad found that several borrowing entities have links to real estate.
Negotiations on with three brokers holding 5% of about Rs 5,500-crore (Rs 55 billion) overall dues
Shah is likely to be released later on Friday evening or Saturday after completing the formalities.
A much-vacant mall in a sleepy industrial park is all that's left of the amount allegedly owed by Mangla Shree Properties against 0.2-mt sugar deliveries
The latest attachment order was issued by the central probe agency against Ms PD Agroprocessors Pvt Ltd, one the defaulters at the bourse.
Against varying claims its SGF ranged from Rs 839 crore (Rs 8.39 billion) to Rs 62 crore (Rs 620 million), between July 29 and August 14, the bourse had Rs 84.66 lakh (Rs 8.46 million) in the actual SGF.
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 bourse had proposed to settle all dues amounting to Rs 5,574.31 crore (Rs 55.74 billion) in 30 weeks, according to a settlement schedule issued by NSEL on August 16.
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.
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.
Chavan entered the ED office in south Mumbai at around 12.30 pm and came out at about 9 pm, the official said.
Patkar and his three partners allegedly bagged Mumbai civic body contracts fraudulently for managing COVID-19 field hospitals during the pandemic, the official said.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors.
The investigators have already served summons to Shah and others directing them to appear before them for questioning.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
If at all it was some great strategy, the delay has only helped the person they eventually arrested.
Shah and Javalgekar were arrested on May 7.
The National Spot Exchange Ltd (NSEL), an arm of Multi Commodity Exchange (MCX), is planning to launch gold and silver (bullion) contracts in spot market in Kolkata by end of this month.
Despite the low prices, commodities are risky investments
Investigating agencies have finally taken Jignesh Shah, promoter of Financial Technologies into custody, ten months after the scam broke out.
The central government, in its typical sledgehammer style, has unleashed the might of its investigative agencies like the Enforcement Directorate against NCP and Shiv Sena leaders.
Only time will tell, if the 'Shah' of exchanges will walk out of this battlefield unscathed.
Laxity in enforcing KYC and allied norms suspected; money laundering gaps also on probe panel's mind
NSEL, has up to Rs 500 crore (Rs 5 billion) daily turnover in e-golds.
The recent NSEL crisis has prompted even rich and diehard equity investors to shift to safer fixed income products.
Subramanian Swamy said if income tax is abolished, middle class will deposit money in banks which can be invested in manufacturing.
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.
The FT stock took a beating, losing 80 per cent in two sessions before recovering. Though in an exchange announcement following the government's missive on July 12, FT identified NSEL as a material subsidiary, rumour mills contemplated two possible transactions: a sale between May 30 and June 30 which had led to the subsidiary becoming an associate and another transaction between June 30 and July 15 when the associate again became a subsidiary.
Case relates to alleged irregularities in '08 sanction to MCX-SX; Shah grilled in NSEL case.
After National Spot Exchange Ltd (NSEL) this week suspended trading in forward contracts, the Forward Markets Commission (FMC), the commodities market regulator, on Friday sought to allay fears over the exchange defaulting on open contracts.
Investors will get the money directly in their demat accounts or through their brokers. They won't get physical delivery any more.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
The company, which has applied for a license, is likely to get an ad hoc license in another 10 to 15 days.
Brokers have only kept guarantees for which they have open positions.
Jignesh Shah, who is fighting legal cases in the NSEL's Rs 5,600-crore scam, has resigned as the Managing Director of Financial Technologies India, a company set up by him, and will become its Chairman-Emeritus.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
National Spot Exchange data shows huge amount of wool going out of its warehouse, but a visit to the storage reveals a different picture.
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