NSEL money laundering case: ED files fresh chargesheet against 19 broking firms

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stock broking ed pmla wealth laundering. machine screens with banal terms charts The brokerage earned by the broking companies done unlawful means to the tune of Rs 34.74 crore was besides attached nether provisions of PMLA, 2002 and the aforesaid has been confirmed by the Adjudicating Authority, PMLA, New Delhi. (Credit: Pixabay)

The Enforcement Directorate (ED) connected Wednesday said that they filed a caller chargesheet connected January 28 against 19 broking entities and their directors earlier the Special PMLA tribunal nether the provisions of Prevention of Money Laundering Act (PMLA), 2002. According to the ED, the broking companies allegedly colluded with officials of National Spot Exchange Limited (NSEL) to allure investors to commercialized connected NSEL platform.

The peculiar tribunal has taken cognizance of the chargesheet (prosecution complaint) equivalent to, connected Monday, the bureau said successful a statement.

The ED initiated probe connected the ground of a First Information Report (FIR) registered successful the substance nether assorted sections of the Indian Penal Code.

Investigation revealed that aft getting registered with NSEL, the broking companies misled their clients by providing mendacious assurances astir the speech and promoting amerciable brace commercialized contracts that were not allowed.

In collusion with broking companies, NSEL established a strategy that bypassed the postulation of warehouse receipts oregon carnal commodities for their clients, knowing they were facilitating trades successful specified a manner, the Central bureau stated.

The broking companies allegedly entered into a transgression conspiracy with NSEL to allure the investors to commercialized onto NSEL level successful committedness of hefty returns, thereby cheating the investors done a fraudulent scheme. The brokerage earned done these amerciable means was further utilised successful concern operations resulting successful layering and integration of proceeds of transgression (POC) and projecting them arsenic untainted funds, the ED has said.

During the people of investigation, properties totalling to the tune of Rs 3,288.76 crore person been attached by issuing 32 provisional attachment orders.

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The brokerage earned by the broking companies done unlawful means to the tune of Rs 34.74 crore was besides attached nether provisions of PMLA, 2002 and the aforesaid has been confirmed by the Adjudicating Authority, PMLA, New Delhi.

Earlier, six prosecution complaints person been filed successful the lawsuit against 94 accused people.

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