NSEL scam: EOW to attach assets of Jignesh Shah, Joseph Massey

The Mumbai police probing the Rs 5,600-crore payout scam involving the National Spot Exchange Ltd (NSEL), has attached all 16 properties of defaulters it has identified so far and is all set to attach immovable assets of NSEL directors, including Jignesh Shah and Joseph Massey.

"About 166 properties that include residences, offices, industrial units and lands of defaulters or borrowers had been identified for attachment. As of today, all of them have been attached," said Additional Police Commissioner (Economic Offences Wing) Rajvardhan Sinha on Tuesday.

The EOW is currently preparing to attach immovable assets of Shah , Massey and other directors of the crippled spot exchange, Sinha said.

"The attachment of directors' properties may be completed in a few days," he said, adding, "Shah and Massey turned up at the EOW office today to discuss and bring certain issues to the notice of investigators".

The IPS officer said investigators did not summon the two for questioning on Tuesday.

So far, the EOW has arrested five people in the case - Anjani Sinha, Amit Mukherjee and Jay Bahukhundi of the NSEL, as well as borrowers likes N K Proteins Managing Director Nileh Patel and Lotus Refineries Chairman Arun Sharma, who is also a movie financier.

Meanwhile, NK Proteins, has told a court it was ready to settle its dues to the defunct bourse.

According to NSEL, NK Proteins has defaulted on payment of Rs 935 crore to it but the latter says it owes only Rs 250 crore to the crippled exchange.

During argument on his plea plea, Nilesh Patel, Managing Director of NK Proteins, told the court his company was ready to pay the dues.

His lawyers said Patel was ready to pay Rs 11 crore to NSEL in the next 15 days and then Rs 5 crore every month till dues of about 250 crore are settled.

Investigators have found Rs 145.57 crore in various bank accounts which were frozen during the probe.

The EOW has invoked the Maharashtra Protection of Interest of Depositors Act in the case, which empowers them to attach immovable assets of the accused.

Some of the largest borrowers of NSEL include companies like Mohan India, N K Proteins, Laxmi Group, MSR Food Processing and Swastik Group.