The first working group headed by the ED director has submitted its report where it has quantified money laundering instances spread across several transactions and several layers of NSEL, reports CNBC-TV18’s Rituparna Bhuyan.
Also read: ED alleges fraud against NSEL under FEMA, PMLA
The working group has also found violations regarding FEMA, but it believes more work is needed regarding clarity on those violations.
On September 18, the special group headed by DEA secretary Arvind Mayaram will meet and review this report but finance ministry sources have said that if there are violations of NSEL associates like MCX-SX, then the Securities and Exchange Board of India (Sebi) will have to be involved.
The stand taken by the special group of secretaries is awaited for now. NSEL, promoted by Jignesh Shah-headed Financial Technologies India Ltd suspended trading on July 31, raising concerns about possible default of Rs 5,600 crore.