The Mumbai Police, probing the Rs 5,600-crore (Rs 56 billion) scam at the National Spot Exchange has initiated the process of attaching about 25 immovable assets of the borrowers and has shortlisted nearly 100 properties of all the accused in the case, a senior police official said.
Delhi police sources on Sunday said a team of the crime branch in a joint operation with the Rajasthan police nabbed the duo from Chandigarh's Sector 22.
Negotiations on with three brokers holding 5% of about Rs 5,500-crore (Rs 55 billion) overall dues
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
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.
.jpg)
The exchanges have observed significant price and volume movement in the scrips of MCX in the recent past.
National Spot Exchange Limited, promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore (Rs 56 billion).
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.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
Billionaire Mukesh Ambani's Reliance Industries Ltd is the most valuable private company in the country, as per Hurun India's 2022 Burgundy Private Hurun India 500 list. The list, which was released on Tuesday, stated that with a value of Rs 16.4 lakh crore, Reliance is India's most valuable company, followed by Tata Consultancy Services (TCS) with Rs 11.8 lakh crore and HDFC Bank with Rs 9.4 lakh crore. Reliance is also the highest taxpayer with a payout of Rs 16,297 crore and the most profitable company with a bottomline of Rs 67,845 crore in 2022-23.
In the last three financial years and in the current financial year till November 15, SFIO was asked to investigate 167 cases.
The incident took place in Khoijumantabi village late on Saturday night when the 'village volunteers' were guarding the area in a makeshift bunker, a police officer said.
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.
Crisis-ridden National Spot Exchange Ltd (NSEL) on Wednesday said its Delhi-based member Mohan India Ltd has agreed to pay to the exchange about Rs 771 crore (Rs 7.71 billion) in final settlement over the next one year.
.jpg)
Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
Given the nature of the money stuck, investors are fast losing patience with the exchange.
His comments came in response to a query on whether Securities and Exchange Board of India would be initiating action against MCX-SX which rejigged its board yesterday amid continuing payment crisis at its group firm National Spot Exchange Ltd.
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.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
A major payment crisis involving Rs 5,600 crore (Rs 56 billion) broke out at National Spot Exchange last year.
Economic Offences wing of Mumbai Police, which is probing the case, told the court that the investigating agency intended to file chargesheet against Shah and others on or before August 4.
The finance ministry and several agencies under it such as the Securities and Exchange Board of India (Sebi) and the Enforcement Directorate (ED), which are investigating the affairs of Sahara India Parivar, are worried about its exposure to National Spot Exchange Ltd (NSEL) products.
The competition for the worst or most perilous 10 years has always been between the 1960s and the 1980s, points out Shekhar Gupta.
Experts from South Africa and Namibia, who are helping reintroduce cheetahs in India, have recommended fencing their habitats to prevent poaching, habitat fragmentation and minimise human-animal conflict.
The prime accused deployed a modus operandi of claiming the investment in real estate purchased in the name of third party as unsecured loan
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
The FMC had warned MCX that it would not renew contracts, allow new contracts and eventually take away the licence to run the bourse if the commodity exchange does not comply with regulatory norms.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
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).
Acting according to the process directed by the Forward Markets Commission, the exchange realised Rs 7.77 crore (Rs 77.7 million) by auctioning underlying commodities in members' warehouses.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
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.
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
The aggrieved investors of National Spot Exchange (NSEL) have moved the Securities and Exchange Board of India (Sebi) against Financial Technologies (FTIL), the listed promoter.
According to the police, a Special Task Force team retaliated when the gangster, recently released from prison on bail, opened fire at them after being cornered. His car had crashed into a pole.
The FMC on Thursday barred the National Spot Exchange and group firms from auctions of commodities held by the bourse after a complaint that firms related to the former managing director took part in the bidding process.
Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".
New FMC directives for MDs & CEOs; regulator also wants half the directors on commodity exchange boards to be independent.
FMC approves commodity bourse's contract-launch calendar for two years.
MCX Stock Exchange, set up by crisis-hit NSEL's promoters, on Friday appointed Saurabh Sarkar as CEO and announced plans for fresh capital infusion by its existing shareholders among measures to boost business.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances