Moneycontrol News
A special Maharashtra Protection of Interest of Depositors (MPID) Act court sent Joseph Massey, the former Non-Executive Director of the National Spot Exchange (NSEL), to police custody till February 5 in connection with the Rs 5,600-crore payment default in the now shut commodity scam case.
Massey was arrested on January 27 from Navi Mumbai by the Economic Offences Wing (EOW) of the Mumbai Police after an hour's chase. A police officer was injured during the chase while attempting to apprehend him.
According to a report by The Economic Times, two police vehicles blocked Massey’s vehicle before the police broke the car’s window pane to stop him from escaping.
“The police had put a particular vehicle number on surveillance and even combed over 30 CCTV cameras in Navi Mumbai over the last three days. On January 27, at around 9.30 pm, the suspected vehicle was spotted in CBD Belapur, but when the police tried to close in, Massey tried to escape,” sources told the newspaper.
On January 25, the court had rejected Massey’s anticipatory bail plea.
The NSEL scam refers to the payment crisis driven by the physical absence of the commodity against the invested money. As many as 13,000 investors have claimed losses after the trading platform faced a payment crisis, forcing the government to order its shuttering.
The crisis broke out on July 31, 2013 and since then ownership of the company was taken away by the government and regulators from original promoter Jignesh Shah.
On December 27, 2018, the Mumbai police filed a charge sheets against 63 entities -- 27 individuals and 36 companies.
(With inputs from PTI)
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