No Result
View All Result
  • Login
Wednesday, August 17, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > City News > SUVs, posh villas, pricey plots purchased from NSEL funds: ED

SUVs, posh villas, pricey plots purchased from NSEL funds: ED

afternoonvoice@gmail.com' by Afternoon Voice
May 4, 2014
in City News
A A
0

High-end vehicles, posh villas and flats, expensive plots, shares in beach-side hotels and vast tracts of agricultural land are some of the purchases made by the accused of the multi-crore payment scam in National Spot Exchange Limited (NSEL) through money laundering.

The trail of money that went into the alleged illegal purchase of these assets from genuine NSEL funds has been investigated by the Enforcement Directorate (ED) which has been probing the Rs 5,600-crore payment crisis in the bourse that got public last year after investors claimed they were cheated.

An investigation report of the agency submitted in the court has identified the modus operandi deployed by a firm — Mohan India Pvt Ltd — and its subsidiary units in “laundering” the funds of the stock exchange.

“Generally, layering is the process through which the laundered money is channelised for its ultimate integration into the system.

“In this case, it is evident from the evidence gathered so far that the defendants (Mohan India and others) have attempted to layer the proceeds of crime generated through their criminal activities in various manner like purchase of high-end vehicles like Range Rovers, luxurious villa for their use which have no relation with their legitimate business activities,” the ED report accessed by PTI reads.

The ED, a few months ago, had attached assets worth Rs 125 crore in the name of the firm and its other business associates under the provisions of the Prevention of Money Laundering Act (PMLA).
The central probe agency has identified these assets to be the “proceeds of crime”.

Mohan India Pvt India is one of the large defaulters of the scam with initial liability of Rs 922 crore and according to latest data it owes Rs 600.08 crore, of which it has paid Rs 52.85 crore to the exchange.

The ED probe found that while Mohan India group of companies had “received funds in their settlement accounts from NSEL purportedly on account of sale of sugar…, they were eventually transferred to various individuals and entities and payments were made to car dealers, developers, construction firms etc by way of transfers, NEFT/RTGS payments/pay orders.”

The agency, in a voluminous report, has furnished the documentary proof of the movement of all this money sourced from NSEL to the end purchase of real estate or cars by tracking bank transactions spread across various parts of the country.

“Investigations under the PMLA have revealed that the defendants (Mohan India Pvt Ltd and others) were dealing in sale and re-purchase of sugar without having any physical stock of sugar. They had received funds from NSEL on account of sale of sugar which they have not delivered to NSEL at all. There was no question of NSEL allowing them to invest these funds in real estate,” the probe report said.

The agency has also recorded a number of statements of the officials of the NSEL and Mohan India Pvt Ltd under PMLA before preparing and submitting the first investigation report in this case to the court.

The ED said it attached luxury vehicles like a Toyota Fortuner, three Range Rovers, flats in Gomti Enclave in Lucknow, eight plots of land in Karnal in Haryana, a posh flat in Mumbai’s Borivali, plots in costly addresses like Mehrauli, Hauz Khas, Jor Bagh and Sainik Farms in Delhi and other such assets as “there was a likelihood of immediate sale or disposal of such high-end vehicles and luxurious properties (by the firm in question) and the non-attachment of the same would have frustrated the proceedings under the Act (PMLA).”

“It was revealed that funds obtained from NSEL were diverted for the purposes other than the purpose for which they were obtained raising the suspicion that the said amounts were laundered by MS Mohan India group,” the ED said in its report.

The agency has also relied on a report of the I-T department against the firm that said that the “godowns which were declared to NSEL (by the firm) as designated warehouse had no capacity to store the quantity of sugar traded by them (Mohan India and others) on the NSEL platform.”

The ED has said that its probe in this case is “still in infancy at this stage” and further investigation is on.

The Rs 5,600-crore payment crisis at NSEL and the alleged scam is being probed by different agencies like the Mumbai Economic Offences Wing and the Income Tax department.

afternoonvoice@gmail.com'

Afternoon Voice

Recommended For You

Over 50 injured as passenger train collides with goods train
City News

Over 50 injured as passenger train collides with goods train

August 17, 2022
Is TMC filling potholes for name sake  ?
Other Cities

Is TMC filling potholes for name sake ?

August 17, 2022
Rainfall, Maharashtra
City News

Mumbai already got 83% of season’s rain, before the monsoon ends

August 16, 2022
120 people died in flood related incident since 1st June
City News

MeT dept predicts heavy showers in next 24 hours

August 16, 2022
Death, killed
City News

Two people died to ceiling collapse in the house at Mumbai

August 16, 2022
Bombay High Court
City News

Bombay HC directs BAI to include wild card entry to the national player in the international tournament

August 16, 2022
ADVERTISEMENT

LATEST

Stock Exchange Market, Mumbai

Sensex reclaims 60,000 points mark; Nifty surges to 17,940 points

August 17, 2022
K L Rahul

KL Rahul has begun its preparation for the upcoming series of ODI

August 17, 2022
arrested

India’s first database of arrested narcotics offenders is operational

August 17, 2022
Rohingya

Rohingya refugees will be provided apartments in India’s capital with police protection as per the govt

August 17, 2022
VG Somani, Drugs,

DCGI chief Venugopal Somani’s tenure extended by 3 months

August 17, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?