ED to question FTIL MD Prashant Desai and former board member Ravi Sheth in NSEL probe

MUMBAI: The Enforcement Directorate (ED) has summoned four directors of Jignesh Shah promoted Financial Technologies India (FTIL) including Prashant Desai, company's MD, and former board member Ravi Sheth in connection with the investigation in the NSEL fraud.
They will have to appear before the ED within a week, said a person familiar with the development.

Sheth, director at The Great Eastern Shipping Co and one of the early investors in FTIL, had long distanced himself from the company .

"We are probing certain investments made by the FTIL and also we are examining the money trail and appropriate action would be taken on that basis," said senior ED official on the condition of anonymity, since he's not authorized to speak with media.

Recently, there was a review meeting held under Secretary, DEA to discuss the action taken by various investigating and enforcement agencies for violations of law, criminal offences and defaults to investors on the platform of National Spot Exchange Limited (NSEL). One of the decisions taken include a proposal to form a fast track court to hear NSEL related/

The Maharashtra government has initiated action to auction the assets attached by EOW, Mumbai Police. So far, 831 properties worth over Rs 7000 crore have been attached by EOW, Mumbai Police under MPID Act.

ED had filed prosecution complaint against NSEL and 67 other accused persons under the Prevention of Money Laundering Act (PMLA), 2002. The complaint relates to money trail amounting to Rs.3721 crore.