Mumbai:An investigating officer of Economic Offences Wing said the beleaguered National Spot Exchange (NSEL), which is struggling to pay off Rs 5,600-crore to its brokers and investors, was running a ponzi scheme and it never intended to run an exchange. “Four to five people involved in the exchange used to get 3 per cent commission on each deal,” said an officer who is probing the case.
Further, the officer said the agreement between NSEL and borrowers clearly said the amount given by NSEL was as a loan and could be used anywhere by the borrower.
The officer said the case was an open and shut one as NSEL did not have any books of accounts of its warehouse stocks prior to August.
In fact, the official said, the regulator Forward Markets Commission failed in its job as it refused to lodge a complaint against NSEL when asked by Mumbai police in the past.
CFO of NSEL, Shashidhar Kotian, appeared before the police to record his statement today, while the sacked CEO, Anjani Sinha, did not turn up citing health reasons.
The magistrate’s court today remanded former Vice President with the exchange, Jai Bahukandhi, arrested yesterday