The case was till now being investigated by Pune's Economic Offences Wing, and market regulator Securities and Exchanges Board of India.
To avoid the recurrence of Unitech like cases, it is important for homebuyer association members to take the lead and act as a bridge to raise funds, in case the builder claims he is bankrupt.
CNBC-TV18's Yash Jain -- who has a copy of the letter -- reports that NSEL has alleged that FTIL only disclosed payable expense and did not mention inward cash flows.
The EOW of Mumbai police on Tuesday attached assets of FTIL, under the Maharashtra Protection of Interest of Depositors Act (MPID) Act.
The FIR alleges Parsvnath misled buyers by claiming to have all approvals in 2004. It further says HDFC, PNB and ICICI Bank denied home loans as project wasn't legal. Parsvnath also refused refunds to customers.
The three officials -- Amit Rathi, Director, Anand Rathi Commodities, Chintan Modi, VP, IIFL, and CP Krishnan, Wholetime Director, Geofin Comtrade, have been granted bail on condition that they will pay Rs 20 lakh as surety and also appear before the Mumbai EOW every Wednesday.
Earlier in August last year, EOW had arrested seven borrowers in the Rs 5600-crore NSEL scam. Prior to that, it had arrested 11 people; the last was Financial Technologies chief Jignesh Shah and Shreekant Javalgekar, managing director and chief executive of Multi Commodity Exchange.
Committee, comprising Justice VC Daga, J Solomon and Yogesh Thar, would determine the amount payable by defaulters / third parties. It is also empowered to ascertain their assets.
PSU banks were caught in bear grip on Thursday after report suggested that the Economic Offence Wing (EOW) Mumbai is probing role of public sector banks relating to the fixed deposit (FD) scam. CNX PSU Bank Index fell 1.2 percent.
PSU banks continued to see selling pressure with the top lender State Bank of India falling 1 percent after sources say the Economic Offence Wing (EOW) Mumbai is probing role of public sector banks relating to the fixed deposit (FD) scam.
The Bombay high court on Friday granted bail to MCX promoter Jignesh Shah in connection with the Rs 5600 crore NSEL scam on the condition that he must report to investigating agency office twice a week, every Monday and Thursday until further notice.
There were Hawala entries also done but this is done by NSEL and these Hawala entries were to the tune of Rs 30 crore which means that some people had paid for membership but weren't given.
Surender Gupta, MD of PD Agroprocessors, is the third-biggest defaulter.
Sources add that the EOW has called Yash Birla and directors for questioning within the next four days.
The EoW of Mumbai police has filed the FIR after the company defaulted on repayment of fixed deposits to investors.
The agency has picked up volumes of data from the NSEL server and the initial assessment of this data suggests that there is a prima facie case of the complicity of the involvement of these brokers.
The Bombay HC was contemplating providing security to MMTC by way of FT Towers â€“ FTIL headquarters in Mumbai, Jignesh‘s shareholding in FTIL and finally, Jignesh‘ personal assets.
MMTC had filed a recovery suit in the Bombay HC for its exposure of Rs 228 crore to the crisis ridden commodity exchange. At the ad-interim stage, it had sought the attachment of SMX sale proceeds.
His row house in Aarey Colony has been attached along with a Pune plot worth more than Rs 1.6 cr. Jignesh Shah's Bank FDs worth Rs 11.57 cr has also been attached. EoW has attached 1.19 lakh shares belonging to him in FTIL worth Rs 1.78 cr at current market price
Under e-series contracts, retail investors can buy and sell commodities in de-materialised form. This is a unique market segment, which functions like the cash segment in equities, but offers commodities in the demat form in smaller denominations.
The Mumbai police probing the Rs 5,600-crore payout scam involving the National Spot Exchange Ltd (NSEL), has attached all 166 properties of defaulters it has identified so far and is all set to attach immovable assets of NSEL directors, including Jignesh Shah and Joseph Massey, a senior police officer said here today.
The Economic Offences Wing (EOW) today said it has initiated preliminary inquiry against the National Commodity & Derivatives Exchange (NCDEX) following a case filed for alleged non-delivery of black pepper.
National Spot Exchange Ltd (NSEL), which is engulfed in a Rs 5,600-crore payment crisis, had previously defaulted 11 times. On its seventh pay-out date, the bourse was unable to make any payment as its accounts were frozen by economic offences wing (EoW) of the Mumbai police.
The crisis at the bourse, which suspended operations on July 31 following government direction, is being investigated by multiple agencies, including the Economic Offences Wing of the Mumbai police.
The EOW believes that there is a prima facie case for suspecting the misuse of software used across FTIL and its subsidiaries across a number of platforms.