Initiating yet another action in the NSEL scam case, the Enforcement Directorate (ED) has attached assets worth R18.1 crore of a firm in connection with its money laundering probe.
According to an ED order, the agency has seized movable and immovable property of Ms NK Proteins in Mumbai, Noida, and Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act (PMLA). "The total value of the seized assets is R18.1 crore," the order said.
The central probe agency's Mumbai unit had registered a criminal FIR in this case in October last year to probe money laundering instances in the R5,600-crore scam.
It has so far attached assets to the tune of over R500 crore of defaulting firms and is conducting a parallel probe in the case alongside the Mumbai Police and other investigative agencies.
The National Spot Exchange’s payment troubles started after it was ordered by regulator Forward Markets Commission (FMC) in July last year to suspend spot trade in most of its contracts due to suspected trading violations.
The exchange could not settle the outstanding trades, sparking investigation by the police and regulators to find out whether the exchange had defrauded traders by not enforcing rules requiring sufficient collateral to be set aside.