ED seizes valuables in searches in 5 states

MUMBAI: The Enforcement Directorate (ED) conducted searches in five states in connection with its investigations into the alleged money laundering in the multicrore National Spot Exchange Limited (NSEL) case.

ED on Thursday stated that during searches in Mumbai, Ahmedabad, Delhi, Kadi, Chandigarh and Bengaluru, cash worth ₹17 lakh, 42 heavy commercial vehicles, 21 high-end cars and investment documents worth ₹350 crores were seized.

The total attachment in this case has reached to the extent of ₹2,706 crore, sources said.

In a conspiracy to defraud investors, the accused induced them to trade on the platform of NSEL, created forged documents and committed criminal breach of trust against about 13,000 investors to the tune of ₹5,600 crore.

Following the uncertainty of returns the investors complained to the Economic Offences Wing (EOW) in August 2013. A case was then registered on September 30, 2013, with the MRA Marg police station and the investigation was handed over to EOW. Based on the EOW case, ED registered a Prevention of Money Laundering Act case. After fresh evidences surfaced, ED conducted searches to collect corroborative evidences, said an ED official. ED in March 2015 had also filed a 20,000page charge sheet against NSEL and 67 others in a court alleging the NSEL funds were laundered and “illegally ploughed into purchase of private properties.”

(with inputs from agencies)