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

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