New evidence in the Rs 5600 Crores NSEL scam seems to suggest a criminal conspiracy by NSEL management, its promoter FTIL and onetime supremo Jignesh Shah to influence witnesses and sidetrack investigations in the case.
The evidence in question is an agreement dated 2nd April 2014 which came in the public domain a few days back. This document is signed between Ranjeev Agarwal of Primezone Developers P Ltd. and Ram Naresh Saraf, the father of Pankaj Saraf – who lodged the FIR in the Rs. 5600 Crore fraud at National Spot Exchange Ltd.
It is learnt that Primezone and Ranjeev Agarwal who was arrested for his role in NSEL scam and is now out on bail paid a sum of Rs 54.04 Lakhs to Pankaj Saraf’s father Ram Naresh Saraf in lieu of their dues from NSEL.
Significantly Pankaj Saraf, 39, the director of Vostok Far East Securities Pvt Ltd filed the first FIR in the case against Jignesh Shah, Josephy Massey, Anjani Sinha, Shantilal Guru, B.D. Pawar, Shreekant Javalgekar, R. Devarajan, Amit Mukherjee, Jai Bahukhandi, Maneesh Pandey, Santosh Mansingh, H.B. Mohanty, Shashidhar Kotian, Nirav Pandya, Auditor Mukesh Shah and 25 borrowing companies/trading members along with their directors and some brokers on September 30, 2012.
As such his testimony has a direct bearing on the prosecution case.
Now the current move to square off Pankaj Saraf’s father’s NSEL outstanding is allegedly a quid pro quo deal to create a conflict of interest, sources say.
“It is a cleaver move to wean him off and thus dilute the investigation and the trial”, said an investor.
Ranjeev Agarwal who was CFO of PD Agro a company owned by the Dunar Group of Karnal which was lent Rs 687 Crores by NSEL under the guise of bogus commodity trades. This amount was later adjusted to Rs 637 Crores when post scam Paras Ajmera passed accommodation entries between NBHC-NSEL-PD Agro to take away any trace of FTIL’s involvement.
The issue is how and why NSEL adjust the balance Rs 50 Lakh? Was it adjusted against the sum paid to Pankaj Saraf’s father?