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Economic Offences Wing confident National Spot Exchange investors will get back money in a year

Saturday, 10 May 2014 - 6:55am IST | Agency: dna

The Economic Offences Wing (EOW) of the city police is confident that those who had lost money in the National Spot Exchange (NSEL) scam will get it back within a year.

About 15,000 investors are said to have lost an estimated Rs5,600 crore after the exchange defaulted on payments and investigations so far have revealed that it was operating an elaborate money lending under the garb of a commodity bourse.

Rajvardhan Sinha, additional commissioner of police, said on Friday that the EOW will be looking to find out from NSEL promoter Jignesh Shah and his associate and chief financial officer Shrikant Javlekar, why the trading volumes were jacked up and so many exchanges were opened across the globe.

The two were arrested on Wednesday and have been remanded to police custody.

Meanwhile, the Bombay High Court has granted bail to Anjani Sinha, NSEL's former CEO and MD, and Amit Mukherjee and Jai Bahukhandi, both former assistant vice-presidents, on a personal bond of Rs5 lakh and a surety of like amount. On Friday, the court directed the accused to report to the EOW office every Sunday and not leave the country without the permission of the court.

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