New Delhi: The Economic Offences Wing (EOW) team of Delhi Police arrested former CEO of National Spot Exchange Ltd (NSEL) Anjani Sinha in Mumbai on Sunday for fictitious trading on the exchange, creating false stocks. Sinha, a chartered accountant is accused of duping more than 13,000 people for Rs 5,600 crore, was presented in court today and will be taken to Delhi on judicial remand.
According to Joint Commissioner OP Mishra, Delhi police started an investigation on the basis of the complaints of Ashwin J Shah, Jitendra Kumar Ahuja and Syed Habib Ur Rehman who incurred a loss of Rs 7.5 crores. Police launched an investigation against Sinha and other 63 Moons promoters in the NSEL scam. 63 Moons was funded by Jignesh Shah.
Sinha and Shah colluded and duped people of more than Rs 5,600 crore.
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The complaint stated that the director of the brokerage firm assured the trio of huge profits if they invest their money in NSEL. The investors were told that the company is government-owned but more than 13,000 investors were cheated.
Investigation suggests that Sinha, who has been identified as the main kingpin, made a profit of Rs 26 crore in FY 2011-12. He is accused of cheating people by luring them of 16 per cent profit by selling commodities which were never present in the warehouse. The accused also launched various commodities under NSEL banner and showed that the company earned a profit of Rs 125 cr in 2012-13.
The Central Bureau of Investigation, Serious Fraud Investigation Office and Enforcement Directorate have been investigating this case and a charge sheet has been filed.
