The Economic Offences Wing (EOW) which is probing the sensational Rs5,600 crore NSEL scam has seized property worth Rs233crores. Investigations have also revealed that Nilesh Patel, MD of NK Proteins had given false offer letters, issued fake sale invoice without having a physical delivery and made false statements about the stock of commodities in diverging funds to the tune of Rs964crores in connivance with NSEL officials.
According to the EOW sources, the agency has recovered and seized over Rs23.69crore worth balance amount kept in over 80 frozen bank accounts. Apart from this, they have seized Rs210 crore worth properties such as 16 warehouses, three oil tanks, stock of wool, castor seeds, cumin seeds, sugar, steel, nickel, soya bean, grams and ferro-chromes.
Patel is the promoter and director of NK Proteins Limited, a company having registered office in Ahmedabad. The company is in the business of refining of edible oil. “This company had started its trading on NSEL since September 2009 and became Trading-Cum-Clearing member of NSEL,” said an EOW source.
The officer further claimed that Patel’s company was the first company to start trading in paired contracts without stocks and other borrowers followed the suit.
Meanwhile, the 25 defaulter companies that are under the scanner of EOW include Mohan India Private Limited, NK Proteins, ARK Imports, LOIL Health Foods Ltd, LIOL Overseas Foods Ltd, LIOL Continental Ltd, PD Agro Processor Pvt Ltd, Lotus Refineries, Juggernaut Projects Ltd, Top Worth Steel & Power Pvt Ltd, Metkore Alloys & Industries Ltd, White Waters Food Pvt Ltd, NCS Sugars Ltd, Namdhari Food International Pvt Ltd, Sri Radhey Trading Corporation Pvt Ltd, Spin Cot Textiles Pvt Ltd, Vimladevi Agrotech, and Namdhari Rice & General Mills Ltd among others.
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