ED attaches assets worth Rs 11.35 cr of Shiv Sena MLA in NSEL scam

The Enforcement Directorate (ED) has attached assets worth Rs 11.35 crore of Pratap Sarnaik, a Shiv Sena MLA. The assets include 2 flats and a parcel of land in Thane,  and the same were attached under the Prevention of Money Laundering Act (PMLA) in the National Spot Exchange Limited (NSEL) fraud which is worth Rs 5,600 crore.

The central agency said one of the defaulters of NSEL, Aastha Group, diverted Rs 21.74 crore to Vihang Aastha Housing Project LLP between 2012-2013. Out of this, Rs 11.35 crore was transferred to Vihang Enterprises and Vihang Infrastructure Pvt Ltd, controlled by Sarnaik and his family. The agency added that the remaining amount of Rs. 10.50 crore from Aastha Group was paid to Yogesh Deshmukh.

Aastha Group owes Rs 242.66 crore to NSEL, it said.

“On the basis of the money trail, scrutiny and identification, assets consisting of 2 flats and a parcel of land in Thane, Maharashtra amounting to total Rs. 11.35 crore held by Pratap Sarnaik have been provisionally attached under PMLA, 2002,” said the ED in a statement.

“Earlier in this case, assets amounting to Rs 3,242.67 crore have been attached. The value of total attached assets in this case now stands at Rs 3,254.02 crore,” the ED said.

The ED probe is based on a case filed against the NSEL in 2013 with the Economic Offences Wing of the Mumbai police.

In this case, accused persons hatched a criminal conspiracy to defraud the investors, induced them to trade on the platform of National Spot Exchange Limited (NSEL), created forged documents like bogus warehouse receipts, falsified the accounts and thereby committed criminal breach of trust in respect Rs 5,600 crore of approximately 13,000 investors, ED said in a statement.

Investigation conducted under PMLA revealed that the money collected from various investors were diverted by borrowers/trading members of NSEL for other activities like investment into real estate, repayment of outstanding debts and other activities.

Shiv Sena leaders who are currently facing probe from the ED are Anandrao Adsul, Pratap Sarnaik, Anil Parab and Bhavana Gawali. On Tuesday, the ED had provisionally attached immovable properties worth Rs 6.45 crore in the case of M/s Pushpak Bullion, one of the Group companies of Pushpak Group.

Further investigation is under progress.

(Inputs from Divyesh Singh)