Mumbai News: ED Attaches ₹19.12 Crore Asset Linked To LOIL Group In NSEL Scam Probe
· Free Press Journal
Mumbai, March 27: The Enforcement Directorate (ED), Mumbai Zonal Office, has provisionally attached an immovable property worth Rs 19.12 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with the National Spot Exchange Limited (NSEL) case, officials said on Friday.
Visit umafrika.club for more information.
Property linked to LOIL Group
Sources said the attached property is linked to the LOIL Group, one of the key defaulters in the NSEL case.
The money laundering probe stems from an FIR registered at MRA Marg police station, which is being investigated by the Economic Offences Wing (EOW) of the Mumbai Police under various sections of the IPC against NSEL, its directors, key officials and 25 defaulters.
Probe reveals large-scale fraud and investor losses
According to the ED, its probe has revealed that NSEL and its defaulting members were involved in criminal conspiracy, cheating and forgery by allowing trading in commodities without actual underlying stocks, allegedly defrauding around 13,000 investors of nearly Rs 5,600 crore.
The investigation further revealed that three defaulting members—LOIL Overseas Foods Ltd, LOIL Continental Foods Ltd and LOIL Health Foods Ltd (collectively referred to as the LOIL Group)—fraudulently raised funds through fictitious sale transactions of paddy on the NSEL platform.
Funds siphoned and diverted through multiple entities
The agency said the total liability of the LOIL Group towards NSEL stands at Rs 720.30 crore. Scrutiny of bank records revealed that around Rs 569.04 crore was siphoned off from NSEL settlement accounts of the group entities.
A substantial portion of the diverted funds was allegedly layered through various group entities, including Lakshmi Energy & Foods Limited, and used for repayment of bank loans, business operations, working capital requirements and acquisition of immovable properties.
Also Watch:
₹400 Crore DB Stock Trading Fraud: ED Attaches Assets Worth ₹13.41 Crore From Deepankar BarmanED action and ongoing legal proceedings
With this latest action, the ED has now issued 34 provisional attachment orders in the NSEL case, bringing the total value of seized assets to approximately Rs 3,452.16 crore. To date, seven prosecution complaints have been filed against 148 accused persons before the Special PMLA Court, which has already taken cognizance of the charges.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/