June 17, 2016 8:19 PM

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NSEL scam: Centre asks Maha to expedite attached assets auction

Centre has asked the Maharashtra government to quickly auction over Rs 6,000 crore assets attached so far in the National Spot Exchange Limited (NSEL) scam and refund money to the investors at the earliest. The NSEL, the commodities exchange owned by Financial Technologies, had in July 2013 abruptly suspended trading in most of its contracts. An investigation by the Forward Markets Commission pointed to a 5,500 crore rupees fraud as the the exchange defaulted on obligations to market participants because it did not have enough collateral. In a statement, Finance Ministry said the scam is being investigated by the different agencies including ED, and SEBI and the progress is being monitored by the Department of Economic Affairs.

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