The Enforcement Directorate (ED), Mumbai Zonal Office, has seized immovable properties worth ₹115.86 crore on March 31, 2025, in connection with the National Spot Exchange Limited (NSEL) fraud case. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
What Properties Have Been Seized?
The seized assets include 15 properties located in Mumbai, Delhi, and Rajasthan. These properties belong to key defaulters of NSEL, including:
✅ M/s Mohan India Group
✅ M/s Vimladevi Agrotech Ltd.
✅ M/s Yathuri Associates
✅ M/s Lotus Refineries
What Did the Investigation Reveal?
The ED launched its probe after FIRs were registered under various sections of the Indian Penal Code (IPC), 1860. The investigation found that:
🔹 The accused conspired to cheat investors by luring them to trade on the NSEL platform.
🔹 They forged documents, such as fake warehouse receipts, and falsified accounts.
🔹 Investors were misled into trading commodities that did not actually exist.
🔹 The scam resulted in a loss of ₹5,600 crore to investors.
How Did the Fraud Happen?
- NSEL allowed sellers to trade commodities without ensuring that the goods were actually stored in exchange-controlled warehouses.
- Thousands of investors unknowingly traded in non-existent commodities.
- The money collected from investors was misused by NSEL’s trading members (defaulters) for:
✅ Buying real estate
✅ Repaying old debts
✅ Other unauthorized activities
Total Assets Seized So Far
So far, ED has attached properties worth ₹3,433.06 crore in this case.
Legal Action Taken
🔹 Seven prosecution complaints have been filed against NSEL, defaulters, and broking firms.
🔹 Further legal action and investigation are still ongoing.
The ED continues to trace and recover assets to bring the accused to justice.