The crisis-ridden National Spot Exchange Ltd (NSEL) is expected to pay out Rs 178 crore as the first instalment on Tuesday.
But the escrow account had barely Rs 79 crore last evening, leaving people wondering where the balance Rs 99 crore would come from.
Meanwhile, the investigative arm of the Income-Tax Department has swung into action to undertake an audit trail of the fund flow. Big borrowers, those who have taken money from investors, are the primary target. At least two big debtors — one Delhi-based and the other Gujarat-based — who together owe a staggering Rs 1,800 crore to NSEL are being investigated.
There is suspicion that some of this money has gone into real estate and construction and that some may have been diverted to play the currency futures. A substantial part of the Rs 5,572 crore due for payment to lenders is owed by a handful of parties.
At the same time, complaints are coming in from some smaller, genuine borrowers that they are being coerced to pay up immediately. A couple of them told Business Line that they would move the Government and/or seek legal recourse against coercive collection.
It is not clear why warehouse owners and managers have not been directed to provide the requisite certificate of storage.
The Ministry of Corporate Affairs has begun to probe the affairs of NSEL promoters who are also involved in several other ventures.