Maharashtra Govt in process to refund public money lost in NSEL scheme

New Delhi, June 17 (KNN) With a view to expedite the refund of the lost investment of public under NSEL scam case,  Maharashtra Government has been asked to auction Rs 6,116 crore of assets attached so far and refund investors at the earliest.

The NSEL scam was a Ponzi scheme and is estimated to be a Rs. 5600 crore fraud that came out to light after the National Spot Exchange owned by Financial Technologies failed to pay its investors in commodity pair contracts after 31 July 2013. 13000 investors from India lost about Indian Rupees 5600 Crores when the fraud was discovered and it was found that NSEL had neither the money nor the stocks to pay them back.

Eleven meetings have taken place in this regard. The last such Review Meeting was held on 6.6.2016 under the Chairmanship of Shri Shaktikanta Das, Secretary (Economic Affairs), Ministry of Finance, said an official release.

Action has been initiated by the Government of Maharashtra to auction attached properties. The State Government was advised that it may closely monitor the progress of the investigation / prosecution by the EOW, Mumbai Police with a view to expediting the refund of the lost investment of public. The auction of attached properties needs to be expedited and the money realised may be returned to the investors at the earliest following the due procedure.

Government of Maharashtra has issued fifth Gazette notification on 17.3.2016 for attachment of 151 properties worth Rs. 358.46 Crores approximately. Till date, five Gazette notifications have been issued in respect of attachment of assets worth Rs. 6115.25 Crores approximately. (With PIB Inputs)