The Economic Offenses Wing (EOW) arrested Anjani Sinha, the former CEO of National Spot Exchange Limited (NSEL), a company that defrauded more than Rs 5,600 crore by creating and selling fake stocks. The company is accused of cheating 13,000 people in Delhi and Mumbai. The police are bringing Anjani to Delhi on transit remand.
EOW joint commissioner OP Mishra said that Ashwani J Shah, Jatinder Kumar Ahuja, and Syed Habibur Rahman had reported crores of crores against NSEL in 2015. He alleged that M / s Integrated Commodity Trades Ltd, a brokerage firm based at Barakhamba Road, Delhi, through his directors, defrauded him of profits in commodity trading on NSEL's platform. The directors said that the money in NSEL is safe. He made a huge amount by coming in the guise of the company being official.
Without the approval of the government, the money was imposed
Officials said that the company got money from investors with the intention of cheating and did not get government approval for this. Brokers lured investors of huge profits. It was illegal and a Ponzi scheme. NSEL started with the Tea One contract in October 2008. Accordingly, the commodity buyer will pay and the stock will be delivered the next day.
7.5 crores cheated by three people
Investigation revealed that 7.5 crore rupees were created by only three people. According to the complaints lodged in Mumbai, the company has created around 13,000 investors. Chartered accountant Anjani Sinha was appointed CEO by the company in 2012. Anjani said that chairman Jignesh Shah wanted to make profits from subsidiaries. Hence the fraud committed.