EOW’s Endeavor for Forensic Auditors in the NSEL Crisis Case

National Spot Exchange Limited (NSEL) crisis came to light on 31st July 2013

Exchange was forced to suspend all of its trading contracts

Regulatory body, Investigation Agencies & NSEL had declared 24 members as NSEL Defaulters

Introduction

Economic Offences Wing (EOW) of Mumbai Police is investigating the NSEL crisis case of Rs.5600 cr

EOW had written for the third time to the Home Department demanding the appointment of Forensic Auditors for the case

As the Forensic Auditors are must for such cases

Forensic Auditors' fundamental job will be connecting links to the money trail & finding the flow of money from one place to another

Economic offences Wing (EOW)

“We have done our investigation, filed charge sheet & had even made arrests. Since our probe is still on, we are studying the money trail & how the money was siphoned off. The probe on the involvement of brokers is still going”

What Senior Police official said

EOW have secured properties belonging to the accused

It is estimated that properties are worth over Rs.5,400 cr

Properties worth Rs.3400 cr of Rs.5400 cr have been gazetted for disposal

The money form the disposal of properties shall be collected & distributed among the investors

Media Reports

State govt. has already appointed a Deputy Collector as Competent Authority (CA)

Deputy Collector as CA shall disburse all the attached properties

But EOW wants a special dedicated CA for the NSEL crisis case

A request letter to the Home Department has already been sent by EOW

EOW wants dedicated CA

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