ED Cracks Down on NSEL Defaulters with Rs 116 Crore Asset Seizure

The Enforcement Directorate has attached assets worth Rs 116 crore linked to National Spot Exchange Limited defaulters in a money laundering probe. Immovable properties in Mumbai, Delhi, and Rajasthan were targeted. Allegations include defrauding investors, forging documents, and diverting funds. The ED has secured total seizures of Rs 3,433 crore.

The Enforcement Directorate (ED) has taken significant action by attaching assets valued at Rs 116 crore, related to individuals accused of defaulting on the National Spot Exchange Limited (NSEL) platform, as a part of their ongoing money laundering investigation.

A provisional order was released on March 31 under the Prevention of Money Laundering Act (PMLA), leading to the seizure of 15 immovable properties situated in major cities like Mumbai, Delhi, and regions in Rajasthan. Those implicated include entities like Mohan India Group, Vimladevi Agrotech Ltd., Yathuri Associates, and Lotus Refineries.

The ED's probe revealed a criminal conspiracy where NSEL defrauded approximately 13,000 investors by forging documents and diverting funds, causing a total loss of Rs 5,600 crore. Till now, assets worth Rs 3,433 crore have been attached, and seven charge sheets have been filed against various defaulters and broking entities.