Investor Vishvanidhi Dalmia accused of collusion in NSEL Scam, Maharashtra Govt Affidavit reveals [Read Affidavit]

Maharashtra: The Maharashtra Government's Competent Authority has submitted an affidavit in the Bombay High Court, revealing that Vishvanidhi Dalmia, an investor in the National Spot Exchange Limited (NSEL) scam, was allegedly working in collusion with the prime accused, Jignesh Shah’s NSEL. The affidavit claims that Dalmia was involved in shifting the blame to brokers and facilitating the attachment of their assets. The Competent Authority has also questioned Dalmia’s motives for filing petitions against the Maharashtra Government while being on NSEL's payroll.

This affidavit, filed on July 9, 2024, responds to a previous Bombay High Court order concerning a petition by Dalmia against the Maharashtra Government for not taking action against the broking firm India Infoline Commodities Limited (IICL). Dalmia was an investor in NSEL through IICL.

According to the affidavit, “Documents reflect that Petitioner (Dalmia) was paid an amount of Rs 2.7 lakh by NSEL on May 2, 2018, and in addition, he was provided with airline tickets and taxi hiring costs. In view of this, the Petitioner’s motives for filing the petition under reply are questionable.”

The Competent Authority further highlighted that “it is pertinent to note that the petitioner has made unfounded allegations of the Respondent 1 (Maharashtra Government) acting under the clout of the brokers in para 22 of the Affidavit dated 24.05.2024. It appears the petitioner has been colluding with the NSEL, which is the main accused.”

Additionally, the affidavit stated that beyond the Rs 33.39 lakh brokerage amount earned by India Infoline Commodities Limited (IICL), “there is no material placed before the Government of Maharashtra justifying further attachment of properties of IICL. No material has been placed before the government showing that IICL had received or retained any amounts from the unsettled trades on the NSEL platform, which it did not pay to its depositor/investor clients.”

This development adds a new layer of complexity to the ongoing NSEL scam investigation, raising serious questions about the roles and motivations of various individuals involved.

Case title: Vishvanidhi Dalmia vs. State of Maharashtra & Ors

[Read Affidavit]