the target book reviews

The Target exposes the Notorious Role of traders in NSEL crisis

The defaulters in the NSEL crisis were found to indulge in cheating, forgery, theft, breach of trust, bank stock hypothecation, investing the default amount in purchasing benami properties and making the recovery process extremely complicated. But the FMC took no action against them at all.

The FMC did not take any action at all against the defaulters despite the fact that the Economic Offences Wing (EOW) of the Mumbai Police had established a clear money trail to the 24 defaulters also stating that no money trail was found with NSEL, FTIL or its non-executive directors.

Even the Hon. Bombay High Court has validated that not a single paisa of the crisis money has gone to NSEL, FTIL or their promoters. On August 22, 2014, the Hon. Bombay High Court stated: “…these amounts have not been received by NSEL…the money invested has gone to the borrowers, i.e. bogus sellers.”

On August 4, 2013, in an open durbar convened by the FMC, the defaulters admitted to holding up the default money and even agreed to repay in a phased manner. But FMC made no efforts to recover money from them and took no action against them.

Even the Bombay City Civil Court, vide its Order dated November 27, 2013, observed “that prima facie, it appears that the persons responsible for the default are the defaulters…’’. But the FMC took no action against them at all.

The whole conspiracy behind the crisis can be understood if one reads the latest book ‘The Target Book’ by ShantanuGuha Ray.

For more information check The Target Book Reviews.

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