The roller-coaster drama inside Rs 5600 crore scam-hit National Spot Exchange Ltd (NSEL) keeps taking interesting turns.
The moot question is whether auditor Mukesh Shah, Santosh Mansing and Jai Bahukhandi had prior information of the impending crisis at National Spot Exchange Ltd (NSEL) even as early as June 2013? If so why did they remain silent and allow the crisis to precipitate.
According to documents made available to Taazakhabar News auditor Mukesh Shah on 21st June 2013 wrote to auditor Atom at 4.17 pm and mail to Santosh Mansing and Jai Bahukhandi in NSEL Marketing operations.
Muskesh Shah’s report makes it clear that both Nilesh K Patel’s NK Proteins NSEL’s biggest defaulter and Rajesh Mehta owned Swastik Overseas were holding zero stocks.
It cannot be a mere coincidence that both the companies are Gujarat-based. Rajiv Todi, a partner of Swastik Overseas used to earlier work for NK Proteins, the largest borrower in the spot exchange.
The moment he became aware that NK Proteins was getting money from NSEL; he started his own company and also started borrowing from NSEL.
At last count Swastik Overseas owed NSEL somewhere close to Rs 113.33 crore.
The owners of Swastik used the money borrowed from NSEL to purchase benami properties in Gujarat which were held in farmers’ names.
Rajesh Mehta reportedly told people that the never met Jignesh Shah for any NSEL matter and it was Amit Mukherjee (AVP Business Development, NSEL) who used to interact with his partner Rajiv Todi and finalize things.
Interestingly as per the auditor’s report atleast 21 out of the 22 members excluding Vimla devi Agrotech Ltd which seemed to have adequate stock all others were woefully short of stock. For instance Mohan India Pvt. Ltd. was expected to maintain a stock of 777.24 but it had had only 31.85. Likewise, P.D. Agro processors Pvt. Ltd. had a stock of 336.19 against 787.55.
Interestingly while being the auditor Mukesh Shah who is a maternal uncle of Jignesh Shah signed for cheques taken as bogus donations from MCX. He was allegedly doing insider-trading in FTIL shares.