NSEL Scam

Police file chargesheet in Rs 5,600cr NSEL scam

PTI, Jan 6, 2014, 09.12PM IST

Chargesheet did not mention the names of Jignesh Shah (promoter and director of NSEL), Joseph Massey and others who played key roles in the fiasco.

MUMBAI: Mumbai Police, probing the Rs 5,600- crore National Spot Exchange Ltd (NSEL) payment crisis, on Monday filed a 9,100-page chargesheet against five arrested accused, including the spot exchange's former CEO Anjani Sinha.

"We have filed a chargesheet against the five arrested accused in the NSEL case at the Maharashtra Protection of Interest of Depositors Act (MPID) court. The probe in the case is not yet over. Some more charge sheets will be seen as the investigation progresses," said Joint Police Commissioner (Crime) Himanshu Roy.

The other four named in the chargesheet are Amit Mukherjee, former NSEL vice-president (Business Development); Jay Bahukhundi, another ex-assistant vice-president; Nilesh Patel, managing director of NK Proteins Ltd; and Arun Sharma, Lotus Refineries' CMD and a film financier.

Railways and Corruption

Indian Railways is the 2nd largest employer in the World.  Sadly, it is a huge loss incurring services.  The losses suffered by india on this account are avoidable.  One single step is to check the free passes availed by the railway staff.  If some sort of arrangement is made to curb the illegal use of free passes, railways will earn more income.  If a person is employed in Railway all his family (and in-laws and friends, too!) enjoy free rides! Anyone with an Union Plastic cover on his shirt pocket (must be visible to all!) can travel freely across the country.  It implies that four times the total employee strength is misusing the facilities.  Instead of free-passes, Govt may introduce a system to reimburse the actual amount spent by an railway employee on his entitled free travel.