NSEL: Sources say EOW has identified assets for attachment

The plot is thickening in the NSEL fiasco, and the noose is tightening for the former top brass of the NSEL. CNBC-TV18's Aastha Maheswari has learnt from sources that Mumbai police believes that the NSEL board was in the know of all transactions at the debt ridden spot exchange. Separately, hearing the NSEL case today, the Bombay High Court pulled up the regulator FMC saying that it cannot wash its hands off the NSEL mess.

Also Read: Now NSEL investors under taxman's radar

Investigations are still in the initial phase. However, according to sources there was clear indication of mismanagement at the board level. This was proved because even during the board meeting some of the board members who were not present were marked as present, clearly indicating that there was forging of the minutes of the board meeting.

Investigations also suggest that they were in the loop of all clearing transactions. So, currently investigations are clearly pointing fingers at the NSEL board that they were well aware of what was happening.

However, an interesting point that emerged today is that when Anjani Sinha had submitted his second affidavit he was saying that it was the NSEL board that was well aware; lot of questions have been raised on the Mumbai Police whether they would use Anjani Sinha and the other arrests as an approver in the case, acting as a witness who will help them bring the top brass behind bars, however today the EOW has clearly clarified and said that they are not going to make Anjani Sinha or any of the other arrested people as an approver. They will rely only on the document based evidence for the investigations further.

Talking about the current state of investigation, also the MPID Act which had been invoked, they had been granted permission – what is understood is that they have already identified few immoveable assets and properties which will be attached very soon.

Today also while Anjani Sinha was being cross questioned on re-verification of some of the documents, EOW sources said in the next few days that defaulters and borrowers who had been questioned and called on and off for questioning could face a lot of heat. There could also be some arrests in the next few days from these and this time defaulters and borrowers could face major heat.