The Economic Offences Wing (EOW) has found a few suspicious ledger entries in the books of the National Spot Exchange (NSEL), which shows commodities worth over R1,000 crore were moved in a matter of two days even after trading was suspended on July 31.
According to a senior official of the EOW, the entries, which were made in August are “substantial” in value and without any corresponding entry in the books of the borrowers. “Some entries especially on August 8 and 9 in the NSEL books show an outstanding against the so-called defaulting entities and which are not shown in the books of the defaulting member,” said Rajvardhan Sinha, assistant commissioner, police (EOW).
“This is a point of dispute between all the defaulting companies and NSEL. We are probing as to how on certain two days, large consignment of goods have been shown to be moved or transferred throughout the country,” he added.
The EOW revelation comes in the midst of Lotus Refineries — believed to owe R253 crore to NSEL — stating it had never received R1,704 crore, which, according to exchange records, has been paid to the member.
Lotus Refineries has shared bank statement details as part of the claim suit filed in the Bombay High Court. “We demand a stringent probe into the malpractice; we suspect the amount might have been used for money laundering,” said a Lotus Refineries spokesperson.
EOW arrests NSEL warehousing ex-AVP
Meantime, EOW arrested Jai Bahukhandi, the former head of the warehousing department of NSEL, on Thursday. This is the second arrest in the R5,600-crore case, which saw Amit Mukherjee — former head of business development — arrested on Wednesday. Mukherjee was sent on police reman till October 18.
“We have arrested Jai Bahukhandi... who was in-charge of the KYC verification and customer authorisation of all the members, companies. As per Amit Mukherjee statement, it was the responsibility of Bahukhandi to do proper authentication and background check of the so-called bogus warehouses and their directors along with the net-worth of the companies,” said Sinha.
Former MD & CEO of NSEL Anjani Sinha is still to present himself before the police and is expected to come in a couple of days. “Anjani Sinha was likely to come (on Thursday), but he did not turn up. We will decide on the future course of action subsequently,” said Sinha adding that out of a total of 74 persons who were issued