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The Maharashtra Protection of Interest of Depositors court on Friday reserved its order till Monday on the bail application of three officials of the leading broking firms alleged to be involved in National Spot Exchange scam.
The bail application was taken up in the Maharashtra Protection of Interest of Depositors court by Justice DP Surana and the order was reserved till March 23.
On March 3, Mumbai police’s Economic Offences Wing (EOW) had arrested Amit Rathi, Director of Anand Rathi Commodities and son of veteran broker Anand Rathi; Chintan Modi, Commodities Vice-President at India InfoLine and CP Krishnan, Whole-time Director of Geofin Comtrade.
The three officials were charged for misselling NSEL products, cheating, forgery and criminal conspiracy, among other charges.
The EOW is investigating allegations that brokers on the NSEL platform manipulated client codes to mask the true nature of transactions and also allegedly sold NSEL products by promising assured returns.
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