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The case pertains to a complaint filed by an investor who invested huge amounts in NSEL with the stockbroker's assurance that he would fetch 15-18% returns. After the default, an FIR was filed under the MPID Act
The Maharashtra Government has informed the Bombay High Court that it will attach the properties of IIFL Commodities Ltd, which is involved in the National Spot Exchange Ltd payment default case.
The high court was informed after the division bench of the high court comprising Justice Revati Mohite Dere and Justice Manjusha Deshpande summoned the principal secretary of the Maharashtra Home Department on March 12.
“Anoop Kumar Singh, Principal Secretary, Home Department, is present before this Court. He assures us that without waiting for the outcome of the final decision in the aforesaid petition, as stated in para 5 of the affidavit, the State by following due process of law, will issue notification for attachment of the conerned properties of IIFL, within four weeks from today. Statement accepted,” the order states.
The principal secretary of the home department was summoned by the high court after the state failed to disclose in its affidavit what steps would be taken in light of the previous order of the high court.
The case pertains to a complaint filed by an investor who invested huge amounts in NSEL with the stockbroker's assurance that he would fetch 15-18% returns. After the default, an FIR was filed under the MPID Act.
The Mumbai Economic Offence Wing filed 11 chargesheets alleging a scam of Rs. 5600 crore after 9 years.
An investor, Vishwanidhi Dalmia, approached the high court seeking attachment of the properties of IIFL, alleging it had lured investors to invest in NSEL.
The Special Public Prosecutor informed the high court that the investigating officer would consider attaching the assets.
Dalmia again approached the high court in 2023 seeking attachment of properties. The high court sought a detailed affidavit from the state, which the state initially filed without proper details of attaching properties.
Consequently, the high court summoned the principal secretary, who assured the court that the properties would be attached within 4 weeks by issuing a notification.
Case Title: Vishvanidhi Dalmi vs State of Maharashtra & Ors
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