New Delhi : The Central Bureau of Investigation carried out search at multiple locations, including the premises of NSEL promoter Jignesh Shah, after registering a case of alleged cheating against him and others for defrauding state-run PEC (Project and Equipment Corporation) to the tune of Rs 120.75 crores in paired contracts of selling agro commodities on paper without any actual trading.
CBI has named Shah, NSEL, former CEO of National Spot Exchange Limited (NSEL) Anjani Sinha, officials of PEC including Chief General Manager Rajiv Chaturvedi and a number of other companies as accused in the case of alleged cheating, forgery and corruption, highly placed sources said.
It swung into action with raids at 15 places, including nine in Delhi, four in Mumbai and two in Karnal (Haryana) after the government ordered shutdown of the NSEL on July 31 last year barring any trade after alleged default of around Rs 5,600 crore to the investors. It also registered cases against five senior PEC officials for the criminal conspiracy of buying the commodities from the exchange without taking any physical delivery or even documents of title.
“…in the matter of floating accommodative and fraudulent paired contracts for trading of agro commodities on the platform of Mumbai-based company without actually undertaking any genuine trade,” spokesperson Kanchan Prasad said.
CBI alleged this caused a loss to the government to the tune of Rs 120 cr (approx).
They also recovered about Rs 36 lakh from the residence of Anjani Sinha, former chief executive of NSEL, who is currently in the judicial custody. About Rs 343 crore of state-owned trading firms MMTC and PEC is stuck with NSEL.