look news india
New Delhi: A fine of Rs 25 lakh has been imposed on alleged defaulters associated with National Spot Exchange Limited. Property worth Rs 116 crore has been seized. This information was given by the Central Agency ED on Wednesday.
The ED said in a statement that on March 31, an provisional order was issued to attach 15 immovable properties located in some cities of Mumbai, Delhi and Rajasthan under the Prevention of Money Laundering Act. These properties are of Mohan India Group, Vimaladevi Agrotech Limited, Yathuri Associates and Lotus Refineries.
The price of these properties is Rs 10 lakh. Its price is Rs 10 lakh. 115.86 crores The accused hatched a criminal conspiracy to cheat investors and motivated them to trade on the NSEL platform. He made fake documents like fake warehouse receipt and embezzled Rs 10 lakh. There was a fraud of Rs 5,600 crore.
The ED has seized Rs 1,000 crore so far. 100 crore rupees were seized under investigation. A total assets worth Rs 3,433 crore have been seized. Seven chargesheets were filed against various defaulters and broking institutions. The accused embezzled Rs 13,000 from about 13,000 investors by creating fake warehouse receipts and false accounts. There was a fraud of Rs 5,600 crore.