<p>CBI today carried out searches at 15 locations across the country, including offices of National Sport Exchange Limited in Mumbai, in a case of alleged irregularities in investments by state-run trading company PEC causing a loss of Rs 120 crore.<br /><br /></p>.<p>The searches were carried out after the agency registered a case of alleged criminal conspiracy to cheat a public sector unit (PEC) in the matter of floating fraudulent paired contracts for trading of agro commodity on the platform of NSEL, without actually undertaking any genuine trade.<br /><br />CBI alleged this caused a loss to the government to the tune of Rs 120 cr (approx).<br />The agency has registered a case of criminal conspiracy, cheating forgery and relevant sections of Prevention of Corruption Act.<br /><br />They said searches started this morning at 15 locations which included four in Mumbai, two in Karnal and nine in Delhi.<br /><br />The searched locations included residential premises of five PEC officials, two of NSEL officials and one of private persons.<br /><br />Seven offices of NSEL and six offices of counterpart in PEC transactions are being searched as part of the operation, they said.<br /><br />About Rs 343 crore of state-owned trading firms MMTC and PEC is stuck with the crisis-ridden National Spot Exchange which has to settle nearly Rs 5,400 crore with 148 entities including many brokerage firms.<br /><br />NSEL promoted by Jignesh Shah-headed Financial Technologies India Ltd ( FTIL), was hit by crisis after it suspended trade on July 31 last year following a government directive, raising concerns about possible default of Rs 5,600 crore due to about 13,000 investors, including 7,000 small ones.</p>
<p>CBI today carried out searches at 15 locations across the country, including offices of National Sport Exchange Limited in Mumbai, in a case of alleged irregularities in investments by state-run trading company PEC causing a loss of Rs 120 crore.<br /><br /></p>.<p>The searches were carried out after the agency registered a case of alleged criminal conspiracy to cheat a public sector unit (PEC) in the matter of floating fraudulent paired contracts for trading of agro commodity on the platform of NSEL, without actually undertaking any genuine trade.<br /><br />CBI alleged this caused a loss to the government to the tune of Rs 120 cr (approx).<br />The agency has registered a case of criminal conspiracy, cheating forgery and relevant sections of Prevention of Corruption Act.<br /><br />They said searches started this morning at 15 locations which included four in Mumbai, two in Karnal and nine in Delhi.<br /><br />The searched locations included residential premises of five PEC officials, two of NSEL officials and one of private persons.<br /><br />Seven offices of NSEL and six offices of counterpart in PEC transactions are being searched as part of the operation, they said.<br /><br />About Rs 343 crore of state-owned trading firms MMTC and PEC is stuck with the crisis-ridden National Spot Exchange which has to settle nearly Rs 5,400 crore with 148 entities including many brokerage firms.<br /><br />NSEL promoted by Jignesh Shah-headed Financial Technologies India Ltd ( FTIL), was hit by crisis after it suspended trade on July 31 last year following a government directive, raising concerns about possible default of Rs 5,600 crore due to about 13,000 investors, including 7,000 small ones.</p>