NSEL scam: EOW arrests director of Chandigarh company

MUMBAI: The city economic offences wing (EOW), probing the Rs 5,600-crore National Spot Exchange (NSEL) scam, recently arrested Amit Dewan, director of White Water Food Pvt Ltd, from Chandigarh.
He has been remanded in police custody till May 6.
In January, EOW had arrested NSEL former director Joseph Masse, after he gave police the slip and fled from his flat.
“Our team picked up Dewan from Chandigarh, the home of his company. His company had received Rs 84 crore from NSEL against fictitious trade. The fictitious trading took place in 2012-13,” said an investigator. Dewan, a director in the firm, studied up to class XII.
His brothers, Kamalkan and Mohit, were arrested in 2015 but are out on bail. Their bank accounts, two factories in Haryana and plots, collectively worth over Rs 50 crore, were attached.
Police summoned over 300 brokers for questioning in three months and recorded statements of 147. The investigation is nearing its last stage and a final chargesheet is likely to be filed soon. The arrest of some brokers has not been ruled out. The scam, spread across the country, has caused losses of Rs 5,600 crore to investors. Brokers and some investors also manipulated the amount of goods kept in warehouses.
Police found several brokers were involved in cheating, forgery and conspiracy. On December 27 last year, EOW filed its fourth chargesheet running into 28,337 pages and named 63 accused — 27 individuals and 36 companies. A special investigation team has arrested 35 persons, including former NSEL promoter-director Jignesh Shah. There’s another Enforcement Directorate case against him. EOW is learnt to have got new evidence against the suspects.