Jignesh Shah, Joseph Massey bank accounts frozen by EOW

In its bid for disgorgement of illegal gains from the NSEL saga, the Economic Offences Wing (EOW) of the Mumbai Police is turning on the heat on National Spot Exchange (NSEL) heavyweights. Sources have confirmed that the EOW has frozen personal accounts of Jignesh Shah, promoter NSEL and Joseph Massey, Former MD and CEO of MCX-SX, reports CNBC-TV18’s Ashmit Kumar.

Also Read: Mohan India to pay Rs 771cr; EOW cracks whip on borrowers

Sources have also confirmed that the EOW has begun with the exercise of listing assets of borrowers, NSEL directors and auditors for potential attachment. The EOW is focusing primarily on recovery of ill-gotten gains. Meanwhile, assets of Anjani Sinha, the former MD and CEO of NSEL, and Amit Mukherjee, the AVP of Business Development have already been attached by the EOW. The EOW also questioned on Wednesday, the directors of two borrowers - PD Agro and Lotus Refineries. According to sources, PD Agro, over the course of questioning had expressed interest in settling dues with NSEL by paying a sum of Rs 365 crore. NSEL has raised claims of Rs 678 crore against PD Agro. EOW also clarified that the settlement between Mohan India and NSEL will not take the borrower out of the scope of EOW investigations. Mohan India had signed an agreement to settle dues, by paying a sum of Rs 771 crore over the course of one year. Meanwhile, the police custody of Anjani Sinha and Nilesh Patel, the MD of NK Proteins, expires by Oct 31. They will be made to appear before a designated MPID court. EOW will be seeking an extension of police custody.