As a fallout of the Rs 5,600 crore payout scam at the National Spot Exchange Ltd, police on Tuesday attached properties of its Director Jignesh Shah and three others, all named as accused in the case.
Besides Shah, properties of Joseph Massey, also a Director at the now defunct spot Exchange, and two others were attached by Mumbai Police's Economic Offences Wing (EOW) which is investigating the scam that came to light in July.
"Properties of directors Shah, Massey, NSEL non-Executive Chairman Shankarlal Guru and former MD of MCX Shreekant Javalgekar have been attached. With this, we have so far attached about 206 properties (of accused and defaulters) valued at Rs 2985.90 crore," Rajvardhan Singh, Additional Police Commissioner (EOW) told PTI.
Shah's bungalow in suburban Juhu, a plot in Pune, rowhouse in the city's Aarey Colony, 1.19 lakh Financial Technologies (India) Ltd shares worth Rs 178.5 crore owned by him, Rs 51 lakh worth share of another company, fixed deposits of Rs 11 crore and five demat accounts were attached.
Massey's two flats and MCX shares worth Rs 98 lakh owned by him were frozen, he said, adding Javalgekar's four flats and Guru's bungalow in Ahmedabad were attached too.
Investigators have found Rs 170.97 crore in 322 bank accounts which were frozen during the probe.
EOW has invoked the Maharashtra Protection of Interest of Depositors Act in the case, which empowers them to attach immovable assets of the accused.
An FIR was filed on September 30 by EOW against Shah, Massey, other promoters, directors and defaulters charging them with cheating, forgery, breach of trust as well as criminal conspiracy, among others.
The spot commodity bourse, promoted by Shah-led Financial Technologies (FTIL), has been facing problems in settling Rs 5,600 crore dues of 148 member brokers, representing 13,000 investor clients, after it suspended trading on July 31 after government directions.
Some of the largest borrowers of NSEL include companies like Mohan India, N K Proteins, Laxmi Group, MSR Food Processing and Swastik Group.