The 15,000 investors who were cheated in the National Spot Exchange Ltd (NSEL) scam will soon get refunds, as the state Home department has decided to liquidate properties worth R6,500 crore owned by the defaulters. The money collected through the auctions of the properties will be used to settle claims of the investors.
<img title="MCX promoter Jignesh Shah is among the defaulters in the NSEL scam. File pic" src="http://images.mid-day.com/images/2015/feb/Jignesh-Shah.jpg" alt="MCX promoter Jignesh Shah is among the defaulters in the NSEL scam. File pic" /> MCX promoter Jignesh Shah is among the defaulters in the NSEL scam. File pic
Ranjeet Patil, minister of state for Home (urban), told mid-day on Thursday that his department has short-listed four private consultants for facilitating auctions and settlement of claims. &ldquo;The Economic Offences Wing (EOW) of Mumbai Police and revenue officials will not have resources and expertise to accomplish the huge task.
The private consultants will do it for the government,&rdquo; he said. The minister did not name the consultants &mdash; two Indian companies and two international firms &mdash; who gave power-point presentations to him on Thursday at Mantralaya. According to Patil, the properties were attached under the Maharashtra Protection of Interests of Depositors (MPID) Act by the EOW.
The worth of properties seized is more than the claims value (R5,600 cr) he said, adding that auctions of the properties would happen soon. Among the Ponzi operators who defaulted, are MCX promoter Jignesh Shah and other NSEL officials. Their attached properties are scattered across the country.
Patil had invited 18 deputy collectors who are authorised to act under MPID Maharashtra, the chief minister had announced. Shah, also promoter of Financial Technologies India Ltd and others, faces police action in the case. In October 2013, the EOW carried out perhaps its biggest operation 200 officers spread out across 17 cities and raided properties in 180 locations on just one day.
In August this year, EOW filed a 9,360-page charge-sheet before the MPID court against NSEL promoter Shah for his alleged role in the scam. EOW sources said the Maharashtra Revenue Department will now issue a notification, starting the process of liquidating attached properties.

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The 15,000 investors who were cheated in the National Spot Exchange Ltd (NSEL) scam will soon get refunds, as the state Home department has decided to liquidate properties worth R6,500 crore owned by the defaulters

Mumbai: NSEL scam investors will soon be refunded

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