ED Charges 54, Including 19 Broking Firms, in ₹5,600 Crore NSEL Fraud Case

The Enforcement Directorate has filed a fresh chargesheet alleging criminal conspiracy, money laundering, and investor fraud linked to the National Spot Exchange Limited.

The ED has filed a chargesheet against 54 individuals and entities, including 19 broking firms, for their alleged role in defrauding investors on the NSEL platform.
Investigations reveal that the accused colluded to mislead investors with false promises of hefty returns and promoted illegal pair trade contracts prohibited under trading regulations.
Assets worth ₹3,288.76 crore have been provisionally attached by the ED, with ₹34.74 crore linked directly to illegal brokerage earnings from the fraudulent schemes.
The fraud, which surfaced in 2013, involved forged documents, bogus warehouse receipts, and trades without underlying commodities, resulting in a ₹5,600 crore loss for approximately 13,000 investors.
The chargesheet highlights the systemic bypassing of regulatory requirements and the laundering of proceeds through business operations to project them as legitimate funds.