NSEL Scam: ED Attaches Rs 14.22 cr Assets of Defaulting Firm

The Enforcement Directorate has attached assets worth 14.22 crore of a defaulting firm, accused in the Rs 5,600 crore National Spot Exchange Ltd scam case.

Published: 04th December 2014 07:29 PM  |   Last Updated: 04th December 2014 07:29 PM   |  A+A-


AHMEDABAD: The Enforcement Directorate has attached assets worth 14.22 crore of a defaulting firm, accused in the Rs 5,600 crore National Spot Exchange Ltd scam case.

  "ED Mumbai attaches commercial property under PMLA in Ahmedabad worth Rs 14.22 crore of M/s N K Protein in NSEL scam," the investigating agency tweeted this morning.

"We have attached some offices, valued at Rs 14.22 crore, of NK Proteins in a commercial complex in Ahmedabad," a top ED official in Mumbai said on condition of anonymity.

The firm's offices are located in 'Popular House' complex, situated on Ashram Road in the city. However, it is not clear whether the offices attached today are from the said building only.

When contacted, a top N K Proteins official said they are yet to receive the notice from ED.

"Our legal department is looking into this issue. We are not aware whether these offices were attached by ED or not. The situation will be clear only after our legal officers come back from Mumbai," the official, who did not want to be identified, said.

ED's Mumbai unit had registered a criminal FIR in October last year in connection with the NSEL scam, in which 13,000 investors are believed hit by the payment crisis, to probe instances of money laundering.

NSEL, the country's only commodities spot exchange, went belly up on July 31 last year after the then UPA government ordered its shutdown for violation of norms.

Following this, the exchange defaulted on its payment obligations.

NK Proteins, one of the top edible oil players of Gujarat, is allegedly the top NSEL borrower-defaulter, having obligations to the tune of Rs 970 crore.

Earlier in August, ED had attached assets worth Rs 18.1 crore of N K Proteins in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the PMLA.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp