ED Moves to Monetise Rs 3,464-Crore Assets to Facilitate NSEL Investor Recovery

A special Prevention of Money Laundering Act (PMLA) court in Mumbai has permitted the monetisation of attached assets worth Rs 3,464 crore in the National Spot Exchange Limited (NSEL) payment default-linked money laundering case, paving the way for recovery by affected investors, the Enforcement Directorate said on Monday.

In an order dated October 8, the court directed that up to Rs 1,950 crore realised from the monetisation be paid to 63 Moons Technologies Ltd, which represents 5,682 specified creditors, according to the ED. The court will decide the fate of the remaining assets at a later stage.

The agency said it had attached properties worth Rs 3,464 crore through 35 orders since registering the money laundering case in 2015.

In November 2025, the Mumbai bench of the National Company Law Tribunal (NCLT) approved a one-time settlement scheme worth Rs 1,950 crore under the Companies Act. The scheme received the backing of more than 92 per cent of creditors and provides for a minimum recovery of around 42 per cent of their verified claims, the ED said.

As several properties are also attached under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, the agency will undertake monetisation in consultation with the competent authority constituted under the state law.

The case originated from a 2013 FIR registered by Mumbai Police's MRA Marg police station. The allegations involved commodity trading without actual underlying stocks, resulting in a payment default that affected around 13,000 investors, with outstanding dues estimated at Rs 5,600 crore.

The ED said the court's decision marked a significant step towards restitution for investors who have awaited recovery since the 2013 default.

The Prevention of Money Laundering Act allows assets linked to financial crimes to be restored to victims during or after trial, subject to applicable legal procedures.

The agency said it would continue efforts to secure proceeds of crime, prosecute money laundering and facilitate restitution to eligible investors and claimants in accordance with the law.