The document discusses the 2013 NSEL payment crisis and the subsequent Enforcement Directorate (ED) investigation. It notes that the ED filed a charge sheet in April 2015 against 68 people including NSEL officials and some defaulters. However, several major defaulters such as LOIL Group, Metkore Alloys and others were not included in this charge sheet. The document raises questions about why these remaining defaulters have not faced action and when the ED might file additional charges against them. Sources indicate the ED will file another charge sheet within the next three months addressing these outstanding cases.

2.  Introduction to NSEL Crisis
 When & Where ED Filed Charge Sheet?
 PMLA Act
 Media Reports
 NSEL Defaulters missing in ED’s Charge Sheet
 Question Arises
 Conclusion

3.  National Spot Exchange Limited (NSEL) crisis came to light on
31st July 2013
 When the exchange suspended trading in all its contracts
 After the payment crisis, NSEL had declared 24 members as
NSEL DEFAULTERS
 Since then, NSEL defaulters have been under the scanner of
multiple investigation agencies

4.  Enforcement Directorate (ED) had filed the charge sheet on 1st
April 2015
 Charge sheet was filed before the principal judge in the session
court of Mumbai
 Charge sheet explains the criminal conspiracy undertaken by
defaulters which led to crisis

5.  ED had registered a criminal case under the Prevention of
Money Laundering Act(PMLA) in 2013
 ED registered case in 2013 to investigate case with EOW of
Mumbai Police
 There was no evidence of money trail against Jignesh Shah, the
top promoter of NSEL

6.  According to the charge sheet out of Rs 5,400 crore of
defaulted amount
 Money trail is suspected of Rs 1,400 crore, transacted on the
exchange during 2009- 13
 So, the net default amount is Rs 4,000 crore
 ED is still probing the money trail of Rs. 1,400 crore which will
appear in additional charge sheet

7.  The charge sheet filed by ED contains names of 68 people
 Including key officials of NSEL and few defaulters
 ED has not yet filed charge sheet against the following
defaulters –
◦ LOIL Group
◦ Metkore Alloys
◦ ARK Imports
◦ NCS Sugars
◦ Shree Radhey Trading
◦ Vimladevi Agrotech
◦ MSR Foods

8.  Why the remaining defaulters are not a part of the
charge sheet filed by ED?
 Why ED is not tightening the rope on these defaulters?
 When will ED file charge sheet against these defaulters?

9.  As per sources, ED would file an additional charge
sheet in the next three months
 Which will include the rest of defaulters & few more
names
 Hopefully ED will file a charge sheet against the
remaining defaulters soon