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NSEL investors plan protest at Mumbai police chief office

Investors hit by the scam at National Spot Exchange (NSEL) plan to stage a protest tomorrow outside Police Commissioner’s office here to express displeasure over “shortcomings” in the investigations into the Rs. 5,600 crore scandal that surfaced in 2013.

“As the Mumbai Police Commissioner has not given time to us (for meeting) in the last eight months even after writing several letters, we will gather at his office tomorrow to express our views and show displeasure at various shortcomings in NSEL investigations,” NSEL Investors Forum Chairman Sharad Sharaf said.

The protest will be carried out by members of associations like NSEL Investors Forum, NSEL Investors Action Group and NSEL Investors Justice Group.

“It has been 20 months since the NSEL scam, but the investigation and recovery by Economic Offences Wing (EOW) wing of Mumbai Police has been slow. They have recovered only 6.5 per cent (of the money involved) in the last 20 months but not even 1 per cent has come to investors in last 12 months. The pace, progress and purpose of NSEL investigation is deplorable and dodgy,” Sharaf said.

There is an immediate need to replace the current board of FTIL (NSEL’s promoter) by Government-appointed independent directors, he said.

Sharaf also demanded quick merger of NSEL with FTIL and formation of a special investigation team comprising EOW, CBI and Enforcement Directorate officials to look into the case and its monitoring by court.

NSEL, India’s only commodities spot exchange, went belly up in mid-2013 after the Government ordered its shutdown for violation of norms.

Following this, the exchange defaulted on its payment obligations. This created a chain reaction which ended with the crippling of NSEL and arrest of, among others, the bourse’s promoter Jignesh Shah.

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