In a closed-door meeting, the Joint Commissioner of Police has asked the Economic Offences Wing to recover the investors’ money and arrest the accused in the Rs 5,600-crore scam case
Almost a year after the National Spot Exchange Limited (NSEL) fraud came to light, the Economic Offences Wing (EOW) investigating the R5,600-crore scam were called for a meeting presided by the Joint Commissioner of Police (Crime), Sadanand Date, who ordered them to fast-track their investigation. EOW has seized the property of defaulters that is yet to be auctioned to recover the investors’ money.
Joint Commissioner of Police (Crime) Sadanand Date met the officers investigating into the Rs 5,600-crore NSEL scam, and told them to complete the probe as soon as possible. File pic
A police officer who attended the meeting said, “They have been clearly told to hurry up the investigations and recover the money. They have been given time till September, so that the money can be returned to investors.” Police were also reprimanded for the slow pace of the probe, and have been asked to arrest the defaulters and recover the money as soon as possible.
The property of 22 defaulters involved in the NSEL scam, has been impounded by the EOW. Under the Maharashtra Protection of Interest of Depositors (MPID) Act’s laws, police will soon start recovering the money of investors by auctioning off the property.
Speaking to mid-day, Date said, “We have appointed a competent authority to recover the money. The procedure of seizing property and auctioning it to recover the money of investors has begun, but the entire procedure will take some time.”