The Economic Offences Wing of the Mumbai Police has started the process of freezing the properties of those under investigation in the scam, including Jignesh Shah and Joseph Massey.
Shah is the Vice-Chairman of the exchange, while Massey is one of the board members.
The development came even as some debtors of the National Spot Exchange Ltd (NSEL) decided to pay their dues to the exchange.
The Maharashtra Protection of Interest of Depositors (MPID) Act has been invoked for the seizure process. The Act protects the interest of depositors and allows attachment of the properties of the accused.
Deputy Commissioner of Police, Economic Offences Wing, Balsingh Rajput told mediapersons on Wednesday that the total value of the properties is yet to be established.
Senior officers in the land and revenue departments of various States have been contacted to determine property details and their value, he added.
Rajput said that if the value of the property attached by the police did not match the money collected via fraudulent means, even inherited properties of the accused could be attached under the MPID Act.
He said large borrowers, such as Ark Imports, Mohan India and Yathuri Associates, have not yet appeared before the Economic Offences Wing despite the summons. “If these companies don’t appear before us, we will move against them,” he added.
While some companies are coming forward to settle their accounts with the NSEL, the Economic Offences Wing has decided to continue investigating them for their alleged complicity in the crime.
Investigations would be carried out to check whether the debtors had conspired with the exchange to siphon off the money, he said.
If it is established that these companies are victims of the NSEL conspiracy, then they may not face further criminal action, he added.
New Delhi-based Mohan India has already agreed to repay Rs 771 crore over one year as part of its settlement. It is one of the top borrowers on the NSEL.
rahul.wadke@thehindu.co.in