ED seized property worth Rs 11.35 cr of Shiv Sena Mla Pratap Sarnaik

Mumbai, March 25 : The Enforcement Directorate (ED) on Friday seized the property worth Rs 11.35 crore of Shiv Sena Mla Pratap Sarnaik under the the provision of Prevention of money Laundering Act (PMLA). According to an official sources said the investigating agency has attached two flats and a parcel of land in neighbouring Thane district, value of Rs 11.35 crore held by Pratap Sarnaik in a case related to the National Spot Exchange Limited (NSEL) fraud. With this, a total value of attached assets in this case now stood at Rs 3254.02 crore, sources added. The ED initiated a money laundering investigation on the basis of an FIR registered on September 30, 2013, by the Economic Offence Wing, Mumbai Police in the NSEL case, its Directors and key officials of NSEL, 25 defaulters of NSEL and others. In this case, the accused persons had allegedly hatched a criminal conspiracy to defraud the investors, induced them to trade on the platform of NSEL, created forged documents like bogus warehouse receipts, falsified the accounts and thereby committed criminal breach of trust in respect Rs 5600 crore of approximately 13000 investors. Investigation conducted under PMLA revealed that the money collected from various investors were diverted by borrowers or trading members of NSEL for other activities like investment into real estate, repayment of outstanding debts and other activities, the agency officials stated. ST NV GNK

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