NSEL probe gathers momentum; EOW questions former CFO: Srcs

The economic offences wing's (EOW) investigation into the NSEL crisis is gaining pace. After the two high profile arrests of Amit Mukherjee and Jai Bahukhandi, sources within the EOW have confirmed that they have begun questioning the former CFO of NSEL- Shashidhar Kotian, reports CNBC-TV18’s Ashmit Kumar.

Also read: FMC show cause notice raps FTIL executives The wing, since morning, has been questioning Kotian. The news comes on the back of two high profile arrests in the NSEL fiasco. Amit Mukherjee, the former VP of Business Development and Jai Bahukhandi, the former VP of Warehousing has been arrested so far. Both have been remanded to police custody by a magistrate court until October 18. Running parallel to these interrogations are other angles to the probe. NSEL has already shared information with central agencies such as Enforcement Directorate (ED) and Central Bureau of Investigation (CBI), who might conduct parallel investigations into the matter. The EOW is also looking to ascertain the total value of stocks available in the NSEL warehouses. Earlier investigations revealed that of the total 55 warehouses, 13 were non-existent, while 30 had absolutely no stock. The wing will also investigate into the claims of the beleaguered exchange on borrowers’ default. It is already a subject matter of a petition before the Bombay High Court.