NSEL scam: Mumbai EOW to file 6th chargesheet this week against 195 brokers, 24 defaulters

The Economic Offences Wing (EOW) of Mumbai Police is filing a supplementary chargesheet against 242 people accused in the National Spot Exchange Limited (NSEL) scam. Overall the EOW will be filing six chargesheets against brokers, NSEL official and defaulters. A source close to development told Moneycontrol, "We are filing a chargesheet against 195 brokers, NSEL officials and 24 defaulters.” The brokers firms include Motilal Oswal Commodities, Philip Commodities, Systematix Group and MK Commodities. Another source told Moneycontrol, "This is the sixth chargesheet by the EOW wherein there is substantial evidence against brokers being involved in illegal trades, influencing customers, not having carried out proper verification of warehouses and misrepresentation of customers. The chargesheet also mentions the role of Joseph Massey, who was recently arrested by EOW and was sent to judicial custody.” This chargesheet is not related to the complaint filed by Securities and Exchange Board of India (SEBI). The EOW had first registered a case against NSEL, Jignesh Shah, Anjani Sinha, numerous brokers and defaulters in 2013. Following which Shah, Sinha and other NSEL officials were arrested. From brokers, Amit Rathi, the Commodities head at Anand Rathi, Chintan Modi of IIFL and CP Krishnan of Geofin Commodities were arrested in 2014.