On 11th November 2013, The Economic wing of Mumbai police
Arrested Arun Sharma in the NSEL crisis .The Investigation led under Chief
Investigating Officer of EOW Mr. Rajvardhan Sinha. As per media reports
Rajvardhan stated that “ Arun Sharma had
defaulted about Rs.252.48Cr. from the NSEL but the money was spent on buying
real estate, decorating offices and producing films. He had no intention of
returning the money to NSEL”. According to another police officer “ Sharma's
intention was very clear - to splurge the borrowed money on non-productive
activities. He spent about Rs 38 crore to buy an office in Worli (central
Mumbai) and another Rs 1 crore on furniture. He invested a few crores of rupees
in making Satya 2" said another officer. Eow has already seized lotus refinery
assets which include an office in Andheri,2 Flats in Mumbai, 2 bungalows &
1 plot in Chandigarh, 1 factory in Ludhiana and machineries in Yavatmal.
As in the media reports Arun Sharma is being alleged to be a
big fraudster and manipulator of its stock record’s by issuing fake bills.
Lotus was the first case where the NSEL system was jeopardized. At current
Lotus Refineries is one of the Defaulter of NSEL and Mr.Arun Kumar Sharma had
to pay outstanding defaulting amount of Rs.252.48 Cr. to NSEL. Meanwhile, EOW
is continuously sending property attachment notices under the Maharashtra
Protection of Interest of Depositors Act(MPID) to the accused Lotus Refineries
in the FIR.As per the date proceedings is still carried out by different
Investigation Agencies.
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