NSEL scam: FTIL to seek legal remedies after EOW attaches Rs 2000 cr assets

We will take all legal remedies to protect the interests of our shareholders and employees, the company said

PTI July 20, 2016 10:38:21 IST
NSEL scam: FTIL to seek legal remedies after EOW attaches Rs 2000 cr assets

Mumbai - Jignesh Shah-promoted 63 Moons Technologies on Tuesday said it strongly disapproved the action of Mumbai Police's Economic Offences Wing to attach immovable properties of the company valued at Rs 2,000 crore and will seek legal remedies to protect its shareholders' interest.

The company, in a statement here, said it had learnt about the attachment of properties through a letter written by EOW to them on Tuesday.

NSEL scam FTIL to seek legal remedies after EOW attaches Rs 2000 cr assets

Jignesh Shah. Reuters

63 Moons Technologies (formerly Financial Technologies (India) Ltd) said it was a listed company having around 63,000 shareholders and about 1,000 employees.

"We will take all legal remedies to protect their interest. There is no legal basis for the said action and we will be moving court soon," the statement said.

Last week, a Special Prevention of Money Laundering Act (PMLA) Court sent Shah to judicial custody until 1 August in the National Spot Exchange (NSEL) payments default case.

The NSEL scam, involving Rs 5,600 crore, came to light after the now defunct exchange, promoted by Financial Technologies, failed to pay its investors in commodity pair contracts after 31 July 2013.

EOW later probed the scam and made a series of arrests.

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