NSEL scam: 63 entities charge-sheeted by Economic Offences Wing

The Economic Offences Wing (EOW) of the Mumbai police has filed a 28,000-page second charge sheet in the Rs 5,574 crore National Spot Exchange Ltd (NSEL) scam. The supplementary charge sheet names 63 accused including 36 companies and 27 individuals.

According to the EOW officials, these entities have been charged under the offences of cheating and criminal conspiracy amongst others and the case involves payment default and settlement crisis by the spot exchange to the tune of Rs 5,574 crore which ultimately leads to financial loss of 13,000 investors associated with the firm. Along with the three non-defaulting trading members or brokers, some of the group companies of the defaulters who were recipients of the money have also been named in the charge sheet.

NSEL welcomed the development as the charge sheet names the defaulting counter-parties in the case. While complimenting the EOW sleuths for filing the charge sheet in the matter a spokesperson for NSEL in a statement said, "In fact, in August 2018, the exchange had filed writ petition No. 3416 of 2018 in Bombay High Court praying that the final charge sheet in the matter be filed at the earliest, in the interest of truth and justice. The next hearing in the matter is scheduled on January 7, 2019. We request EOW-Mumbai to file the final charge sheet in the matter as early as possible."