The NSEL management all along tried to take great pains to distance itself from its defaulting borrowers, but now it is now learnt that NSEL management was hand-in-glove with them. It made a last-ditch attempt to secure finance for the very defaulters who precipitated the Rs 5,600-crore payment crisis.
Strange though it might sound, but NSEL tried to help the defaulting borrowers raise money almost to the tune of Rs 4900 crores by acting as a guarantor in the last week of the scam.
It is reliably learnt, that Amit Mukherjee, AVP Business Development negotiated the loan proposal on behalf of National Spot Exchange (NSEL) with Online Finance And Investment Pvt Ltd – a Chandigarh-based company.
Online Finance And Investment Pvt Ltd with Mohd Waseem and Mohd Nadeem as its two Directors, is registered with the Registrar of Companies on 20 February 1995. Its registered address is 1275/2 Jand Gali, Patiala, Punjab.
Mukherjee reportedly spoke to Sanjeev Kumar a Director of Online Finance And Investment Pvt Ltd and tried to speed up the disbursal of Rs 4921 Crore to 18 NSEL.
The members on whose behalf the loan was sought from OFIL included Ark Imports (Rs 900 Crores), NK Proteins (Rs 700 Crores) and Yathuri Associates (Rs 550 Crores). (More details: see chart)
Significantly Mohan India which owed Rs 879 crore to NSEL was nowhere in the list. Why?
On 30 July 2013 Amit Mukherjee promptly sent a mail informing the progress of the loan to Anjani Sinha former chief executive officer (CEO) of National Spot Exchange Ltd (NSEL).
Sinha along with Amit Mukherjee, AVP business development and Jai Bahukhandi, AVP warehousing are cooling their heels in jail after being arrested by the Mumbai Police’s economic offences wing (EOW).
It seems strange that Jignesh Shah and other promoters of the exchange were unaware of the attempt to procure Rs 4900 crore loan on behalf of the borrowers.
It proves the nexus and connivance between NSEL management and the defaulting borrowers.