Economic Offences Wing (EOW) of Delhi Police has arrested former CEO of National Spot Exchange Limited (NSEL) Anjani Sinha for fictitious trading on the exchange and for creating false stocks.
In the year 2015 the EOW had registered a case on a broker’s complaint against Sinha and others. The police arrested the ex-CEO of NSEL on Sunday after conducting multiple raids at various locations.
Sinha was produced in a Borivali court and sent to remand and would be brought to New Delhi to be produced in the jurisdictional court.
In 2013, NSEL had defaulted on payments worth of Rs 5,600 crore in which about 22 borrowers had received money which they did not return to the investors.
"The NSEL crisis was an engineered crisis. Though it was solvable, it was not solved with a view to throwing 63 Moons Technologies out of the exchange business. All the probe agencies like the ED, the CBI, the EOW-Mumbai, and SFIO have traced the entire money trail of Rs 5,600 crore to the 22 defaulting entities and their investigations established that not a single paisa has come to NSEL, 63 Moons or its founder," said a spokesperson of the NSEL.
"Even the Bombay High Court has observed that the entire money trail is with the 22 defaulting entities. Despite this, all targeted actions have been concentrated against NSEL, 63 Moons and its founder, who are actually the biggest sufferers and victims. Such victimisation and motivated action notwithstanding, they have been trying to earnestly resolve the crisis," the NSEL spokesperson added.
The crisis-hit NSEL has also urged market regulator Securities and Exchange Board of India (SEBI) to resolve the Rs 5,600 crore payment crisis in the larger interest of the investors.
Source: IANS
