It will be making a down payment of Rs 11 crore initially and pay the remaining amount throughout the year after securitizing land and property. It is likely to securitize 500 acres of land near Bikaner in Rajasthan and 14000 sq yards bungalow in Civil Lines, New Delhi.
Since it is a large and complex investigation, the Mumbai Policy has formed many teams and searched dozens of offices and residences and warehouses across the country, said Himanshu Roy Jt CP, Mumbai Police.
Sources have confirmed that EOW is currently considering the invocation of the Maharashtra Protection of Interest of Depositors Act (MPID Act).
The EOW is not revealing its cards at this point but the second big arrest in the form of Jai Bahukhandi has taken place. He was the former VP of warehousing and the news comes close to the arrest of Amit Mukherjee, VP of business development at NSEL who has been remanded to police custody until October 18