EOW begins attachments, borrowers in line of fire

Mumbai Police's Economic Offences Wing's (EOW) offensive against borrowers for recovering dues is making headway with the EOW releasing the first order of attachment under the Maharashtra Protection of Interest of Depositor's Act (MPID Act) reports CNBC-TV18's Ashmit Kumar.

The focus of this offensive is on borrowers, with the first order featuring 20-25 properties. These properties belong, primarily, to ARK one of the 6 main borrowers who account for nearly 70% of the Rs 5600 crore in question. Also read: NSEL defaults for 12th time; pays Rs 11cr vs Rs 174.72cr The EOW clarified that it has identified over 100 properties for attachment, which are likely to feature in more such orders for attachment. The EOW hinted at assets of top two borrowers - NK Protein and Mohan India - also being attached in the days to come. So far, movable assets of Anjani Sinha, the former MD and CEO, and the NSEL executive Amit Mukherjee have been attached. While orders of attachment of immovable property of the two under CRPC act, have been served. Bank accounts of Jignesh Shah and Joseph Massey have also been frozen. EoW sources confirmed that so far no exercise in valuing the assets have been undertaken. However, EoW appeared confident that based on current market prices, they would be successful in recovering investors' dues of Rs 5600 crore, if not more. Meanwhile, Shankarlal Guru, the former chairman, failed to appear before the EoW, today. He had cited medical conditions. The EoW will be questioning BD Pawar, one of the seven directors of NSEL, tomorrow.