The Economic Offence Wing of Mumbai police on Monday searched the offices and residences of promoters, directors and defaulting brokers of the crippled National Spot Exchange (NSEL) and filed an FIR against them in connection with Rs 5,600 crore payment crisis.
The NSEL, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on 31 July on the government's direction.
'An FIR was registered on Monday against the NSEL promoters, directors and defaulters on charges of cheating, forgery and breach of trust among others,' an official at Economic Offence Wing (EOW) of the Mumbai Police said.
Swinging into action following the Mayaram committee report that implicated the exchange and its promoters, the authorities conducted searches at 184 locations across 16 states, including Mumbai residences of Jignesh Shah, chairman and managing director of Financial Technologies, and Joseph Massey, managing director and CEO of MCX Stock Exchange.
The NSEL, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on 31 July on the government's direction.
'An FIR was registered on Monday against the NSEL promoters, directors and defaulters on charges of cheating, forgery and breach of trust among others,' an official at Economic Offence Wing (EOW) of the Mumbai Police said.
Swinging into action following the Mayaram committee report that implicated the exchange and its promoters, the authorities conducted searches at 184 locations across 16 states, including Mumbai residences of Jignesh Shah, chairman and managing director of Financial Technologies, and Joseph Massey, managing director and CEO of MCX Stock Exchange.