The Maharashtra government has appointed senior officer Krishnamurthy as the competent authority under the Maharashtra Protection of Interest of Depositors in Fiancial Establishment Act (MPID) to liquidate the assets attached in the ₹5,600 crore scam at the National Spot Exchange in 2013.

In an interactive meeting in Mumbai organised by the Economic Offences Wing of the Mumbai police, Joint Commissioner of Police Ashutosh Dhumbre said assets worth a huge amount have been attached by the EOW in the NSEL case with an intention to protect the interests of investors.

While the legal process for absolute seizure of assets is progressing, about 80 per cent of forensic audit of various entities has been completed and then fresh action will be initiated, he said.

“The past investigation progress in the scam could be seen as slow but in the next few months, we expect to cover a lot of lost ground,” he added.

Assets spread out

NSEL, promoted by the Jignesh Shah-led Financial Technologies (now renamed as 63 moons technologies) has shut the exchange after failing to settle trades worth ₹5,600 crore entered by 13,000 investor clients.

Joint Commissioner Dhumbre explained that the accused defaulters’ assets are spread across the country.

This apart, several defaulters, particularly in Punjab, have obtained a stay order from their local courts on proceedings against them. The EOW is fighting these cases to get the stay vacated, he said.

Investor’s view

Meanwhile, Arunesh Madan, an investor, said the EOW should be given two months to prove its credentials and if nothing happens investors should get ready to move the Supreme Court.

In a separate meeting with investors, Arjun Meghwal, Minister of Corporate Affairs, said that Prime Minister Narendra Modi is taking personal interest in the resolution of the NSEL scam.

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