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Business News » Companies News

NSEL Scam: FTIL properties, cash seized

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NSEL Scam: FTIL properties, cash seized
Jignesh Shah, founder and chairman of Financial Technologies India (FTIL), being taken away by Enforcement Directorate (ED) officials after being produced at Mumbai Court in connection with NSEL scam, on July 13, 2016. Image Source: IANS
Written By: ZeeBiz WebTeam
Updated: Tue, Jul 19, 2016
10:14 pm
Mumbai , ZeeBiz WebDesk
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The Economic Offences Wing (EOW) of Mumbai Police seized movable and immovable properties of Financial Technologies India Ltd (FTIL) on Wednesday, Tarun Sharma of Zee Business reports.

FTIL, in a statement said, “We have received a letter from EOW dated July 18, 2016, at 6:00 pm today that is on July 19, 2016, securing assets of FTIL. 63 Moons is a listed company having 63000 plus shareholders and about 1000 plus employees. We will take all legal remedies to protect their interest. There is no legal basis for the said action and we will be moving court soon on the said letter.” 

The EOW has seized all moveable and immovable properties of FTIL under the Maharashtra Protection of Interest Of Depositors Act (MPID Act). 

It has seized  assets worth Rs 2,000 crore belonging to the company.

FTIL's founder and chairman Jignesh Shah was arrested by the Enforcement Directorate (ED) on July 12 this year for non-cooperation with the investigative agencies in the money-laundering charges of Rs 5,600 crore National Spot Exchange Ltd (NSEL) scam. 

Shah was produced before the PMLA court on July 13 in Mumbai and he was kept in the police custody till July 18.

However, the Prevention of Money Laundering Act (PMLA) court on Monday this week extended the judicial custody of Shah till August 1. 

Watch the full news video report here-

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TAGS:
Financial Technologies India Ltd (FTIL)Banking & Financial ServicesJignesh ShahEconomic Offences Wing (EOW)National Spot Exchange Ltd (NSEL) scamEnforcement Directorate (ED)Prevention of Money Laundering Act (PMLA)NSEL scam
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ED keeps Jignesh Shah in custody till July 18 over NSEL scam ED keeps Jignesh Shah in custody till July 18 over NSEL scam
Jignesh Shah arrested: All you need to know about NSEL scam Jignesh Shah arrested: All you need to know about NSEL scam

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