Maharashtra government to liquidate Rs6,500 crore property of NSEL

The Maharashtra government plans to liquidate the property of the defaulters in the National Spot Exchange Limited (NSEL) case to settle the claims of investors. Over 12,000 people had lost close to Rs 4,500 crore in the scam — a majority of whom were small investors.

The move not only aims to give justice to the affected people who lost money but also aims to boost the confidence of the small investors to improve the image of the state.

Minister of home (urban), Ranjeet Patil, said on Wednesday: "Until now, all such defaulters used to regain the hold of the assets. But we will ensure that property worth Rs 6,500 crore, which was already attached from the defaulters, is liquidated. The auction on the property would be initiated soon to settle the claims of the investors."

The Economic Offences Wing (EOW) of Mumbai police has attached assets of the defaulting members like Jignesh Shah and other officials of NSEL under the Maharashtra Protection of Interests of Depositors (MPID) Act.