The police probe into the settlement fiasco at the National Spot Exchange (NSEL) has once again alleged that the board was responsible for mismanagement at the exchange. According to the Economic Offences Wing (EOW), there is evidence of board meetings being ‘orchestrated’.
According to an EOW official, investigations have shown that the board minutes of the spot exchange were ‘cooked up’, with even absent members of the board signing the board papers.
“The board meetings of NSEL were completely orchestrated and the minutes are not authentic on many occasions... We have found out that, on some occasions, board members who were not even present at the meeting have put their signatures on the books... We believe that the board members were aware of all the developments at the exchange,” said the official.
The Mumbai Police wing, meanwhile, has started the process of verifying the assets of the accused and will begin the process of attaching the assets soon.