What was NSEL Scam?
Delhi Police Economic Offences Wing (EOW) has recently arrested Anjani Sinha in the NSEL scam. Anjani Sinha is the former NSEL managing director. This arrest comes after 7 years when the scam came to light in 2013.
- The National Spot Exchange Limited (NSEL) scam came as a shock for investors in 2013.
- NSEL scam was a payment default that involved Financial Technologies India Ltd.
- In 2013, NSEL defaulted on payments of Rs 5600 crores. In this, over 20 borrowers did not return the money they received. In addition to this, over 13000 investors lost their money.
- Anjani Sinha has been arrested in a case registered on a broker’s complaint in the year 2015.
- Anjani Sinha worked with Financial Technologies India Ltd promoter Jignesh Shah.
- Financial Technologies India Ltd is now 63Moons.
- The Enforcement Directorate (ED), Central Bureau of Investigation (CBI), and the Serious Fraud Investigation Office (SFIO) have filed a charge-sheet in this case. Now, ED and Mumbai Police EOW are about to file the final charge-sheet.
- Anjani Sinha has worked with Jignesh Shah for more than 7 years. Before this, Anjani worked with Baroda Stock Exchange and Ahmedabad Stock Exchange.
Mumbai Police had arrested Jignesh Shah (Chairman 63Moons), Chintan Modi from India Infoline broking, Amit Rathi from Anand Rathi broking firm, and CP Krishnan from Geojit broking firm in past.