NSEL case: ED attaches defaulter’s property in Dubai

The Enforcement Directorate has attached a property worth ₹25 crore (1.27 crore Dhirhams) owned by one of the biggest defaulters of National Spot Exchange — Kailash Kumar Aggarwal and his son Anubhav Aggarwal — the directors of ARK Imports.

The attached property of the defaulter include a 622.44 sq.mt plot at Palm Jumeirah, Dubai. Ludhiana-based Ark Imports (Genex Group) had defaulted about ₹720 crore on its trade position. Anubhav Aggarwal was earlier arrested in Dubai in this connection on a red corner notice issued by Economic Offences Wing-Mumbai Police (EoW-Mumbai). He is on the verge of being extradited to India for further investigations.

Amount siphoned off to Dubai

The investigating agencies found that the Aggarwal duo had siphoned off part of the default amount to Dubai and invested in real estate. It traced the investment in the Dubai property and in last July, made provisional attachment of the property.

In April, the ED adjudicating authority confirmed the attachment of properties made under Prevention of Money Laundering Act and ordered that the assets will be under attachment for 365 days from the date of order.

Neeraj Sharma, Managing Director, NSEL said the exchange will ensure that the attached property is brought under the ambit of the High Powered Supreme Court Committee to execute the decree and arbitral awards.

In 2013, a group of investors in NSEL defaulted on their trade position of ₹5,400 crore and left about 5,000 investors in lurch. The Competent Authority set up in the NSEL case recently had distributed 6,224 small trading clients in the range of ₹2-10 lakh as per the Bombay High Court order.

63 moons technologies, the parent company of NSEL, had given a bridge-loan immediately after the crisis to ensure that full payment to claimants of up to ₹2 lakh and 50 per cent to those with claims between ₹2-10 lakh.

Published on

June 13, 2022

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