NSEL ex-CEO Anjani Sinha arrested
2 min read Delhi Police has arrested former CEO of National Spot Exchange Ltd Anjani Sinha for allegedly duping traders by assuring fastened returns on fictitious buying and selling.
JCP (EOW) Dr O P Mishra mentioned the accused has been recognized as Anjani Sinha. He was arrested on Sunday from Mumbai.
Police mentioned the complainants alleged that the brokerage agency, M/s Integrated Commodity Trades Pvt Ltd, Barakhamba Road, Delhi, by way of its administrators has cheated them by inducement and misrepresentation concerning commodity buying and selling on the platform of National Spot Exchange Ltd (NSEL). “The trading-cum-clearing member has to ensure that the commodities purchased by the clients or investors through contracts were delivered to the NSEL certified warehouses. The warehouse receipts were to be delivered by the member to its clients at the time of the settlement of the contracts,” a senior police officer mentioned.
Police mentioned the alleged dealer in collusion and conspiracy with the trade (NSEL) and the sellers (buying and selling members) didn’t accumulate the supply orders and the warehouse receipts whereas the transactions have been achieved on behalf of the complainants. “It was alleged that fictitious stocks were traded on the exchange as a result of which the settlement of contracts was not done on the day of maturity, causing loss to the complainants,” the officer mentioned.
“Complainants alleged Integrated Commodity Traders Pvt Ltd, NSEL, its CMD Jignesh Shah, CEO Anjani Sinha and others for cheating, criminal misappropriation and use of forged invoices,” an officer mentioned.
NSEL mentioned in a press release: “NSEL crisis was an engineered crisis, though it was solvable, but it was not solved, with a view to throw 63 Moons out of the exchange business. All the probe agencies … have traced the entire money trail of Rs 5,600 crore to the 22 defaulting entities and its established that not a single paisa has come to NSEL, 63 Moons or its founder … Despite this, all targeted actions have been concentrated against NSEL, 63 Moons and its founder.”
