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The Economic Offences Wing (EOW) of the Mumbai Police will allow Mohan India group, one of the largest borrowers of the scam-hit National Spot Exchange Ltd, to liquidate its sugar stock worth Rs 90 crore. The proceeds from the sale would be used for settling the outstanding dues of investors. Mohan India has a payment obligation of Rs 908 crore with NSEL. It has entered into a settlement plan with the exchange by agreeing to pay Rs 771 crore.
The Head of the Economic Offences Wing Rajvardhan said the group can liquidate the stocks provided they are done in the presence of EOW officials. The process of liquidation could start soon. The Maharashtra Protection of Interest of Depositors court has already approved a financial settlement between Mohan India group and NSEL.
Mohan India will have to deposit the amount with the NSEL. The exchange will, in turn, deposit the amount in an escrow account. Rajvardhan also added that upon completing the investigation on borrowers, the EOW will start investigating the role of brokers in the scam.
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