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Enforcement Directorate attaches assets worth Rs. 67 crore of accused firm in NSEL scam

Enforcement Directorate (ED) has attached land worth Rs 67 crore in connection with its money laundering probe into the operations of the National Spot Exchange Limited (NSEL).

Initiating action in this case after a long time, the agency has seized 170 acres of land assets of a Punjab-based defaulting firm M/s Ark Imports Private Limited.

The group is based in Ludhiana and the attachments have been done by the ED zonal office in Mumbai.

“The assets have been seized under the provisions of the Prevention of Money Laundering Act. The market value of the attached land is about Rs 67 crore,” sources in the agency said.

The agency has been probing the alleged irregularities in the bourse along with other departments like Mumbai police and the Income Tax department.
ED has already attached assets valued over Rs 500 crore of various firms accused as defaulters in this case as it has also initiated prosecution of these firms in competent PMLA courts.

Probe conducted by the agency so far in this case indicates that various accused firms allegedly misused investor funds of NSEL to purchase high-value movable and immovable assets to perpetrate the scam.

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