The Enforcement Directorate (ED) had issued summoned to
Nirmal Jain, the chairman and managing director of India Infoline Finance
(IIFL) group, for questioning in connection with the National Spot Exchange Ltd
(NSEL) money-laundering case.
Brokers involvement in misguiding clients was raised by few
clients such as Moti Dadlani ,Rita Vadodaria, and Achal Agarwal. On 18th
March 2015, Rita Vadodaria, client of Anand Rathi Commodities registered a fresh
complaint against Anand Rathi Commodities.
Mr. Dadlani lodged a complaint against his broker and has
alleged that his broker has defrauded money under his name. The broker deceptively;
used Mr. Dadlani account and PAN details to invest huge amounts on NSEL.
As per media reports, ED said that they are examining the broker’s
role in the entire case and asked them to furnish the details of funding of
clients through non-banking financial companies and their unexplained
write-offs.
The Investigating agencies are enquiring about the illegal
changes made on the NSEL platform. NSEL
alleged in their charge sheet that the brokers were involved in miss selling
products of NSEL by deceiving their clients on the NSEL platform were found to
be different from those on brokers’ records
Two years ago, three executives of leading brokerage firms
Anand Rathi Financial Services, Geofin Comtrade and India Infoline were
arrested by the economic offences wing of Mumbai police, and were later
released on bail.
The ED registered a criminal case under the PMLA Act in 2013,
to probe the case. So far, it has made an attachment of Rs 800 crore in the
case. A supplementary charge sheet could be expected
The NSEL crisis had led to a payment default of Rs 5,600
crore in July 2013, involving 23 Defaulters.
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