NSEL Investors Allege Foul Play, Seek Clarification

The distressed investors of NSEL have alleged foul play and have sought clarification from the Mumbai police regarding the investigation into the scam. The investors believe that the evidence against key accused Jignesh Shah and other FTIL (Financial Technologies India Ltd) directors have been tampered with by people privy to the investigation.

“The investigation in NSEL scam by Mumbai police is slowly turning into a farce and a sick joke on 13,000 helpless families, who expected justice and timely-fair investigation from Mumbai Police,” said Ketan Shah of NSEL Investors Action Group, an association of 13,000 investors affected by the scam.

The association wrote the letter following a report that stated that the Mumbai Police was recovering crucial data regarding the scam and FTIL’s role in it. However, on interacting with the investigating officers, the investors were informed that NSEL servers had never crashed. “This is shocking as this is in direct contravention of what had appeared in the reports and what all investors were continuously led to believe. This crash of server and them being sent to Bangalore was also confirmed by Anjani Sinha in his statement dated October 21, 2013…”, said Shah in the letter. (Also read http://www.businessinsider.in/NSELInvestors-Allege-EOW-Soft-On-Borrowers-In-Rs-5600-Crore-Scam/articleshow/45021197.cms)

He further alleged that the server that contained crucial data regarding the operations of the NSEL scam has been tampered by FTIL employees stationed in the premises of the Economic Office Wing (EOW) office.

“You may be aware that mirror servers of NSEL are installed at EOW 5 premises and FTIL employees are handling it. This violates any sense of propriety- common sense and basic principles of investigation as FTIL and NSEL directors are accused and their employees should not even be in the vicinity of investigation office. In spite of our several reminders to remove all NSEL and FTIL employees from EOW 5… they are continuously allowed to sit there making them privy to all investigation plans and progress,” noted Shah.

Besides, Babloo Tarwale, the person assigned for handling NSEL servers at EOW 5 from FTIL, recently revealed that NSEL servers had ‘never crashed’ and has called the reports false. The investors have urged the police to thoroughly investigate Tarwale for his role in management of NSEL servers as well as ensure that EOW data has not been tampered with.

The investors have also sent the letter to the Prime Minister’s Office, Finance Minister Arun Jaitley, ED Delhi, Central Bureau of Investigation (CBI), Home Minister of Maharashtra, ED Mumbai and joint commissioner of Mumbai Police (crime).