NSEL Scam: After 13 years, ED gets permission to sell assets worth ₹3,464 crore; money to be returned to investors..
Major news has emerged for investors affected by the National Spot Exchange Limited (NSEL) scam. The Special PMLA Court in Mumbai has granted permission to sell assets worth approximately ₹3,464 crore that were previously attached by the Enforcement Directorate (ED). Proceeds from this sale will be used to make a one-time settlement payment of ₹1,950 crore to 5,682 identified investors. This decision marks a significant step towards securing justice for investors who have been waiting for their funds since 2013—a wait spanning nearly 13 years.
**NCLT Approval**
The National Company Law Tribunal (NCLT), Mumbai, had already approved this settlement scheme. Following this crucial court order, the ED will now proceed to sell these assets in consultation with the competent authority under the MPID (Maharashtra Protection of Interest of Depositors) Act.
The ₹1,950 crore generated from the sale will be handed over to '63 Moons Technologies Limited' (acting as the investors' representative) to facilitate the repayment to the 5,682 identified investors. Under this scheme, investors are assured of recovering at least 42% of their verified claims.
**What is the case about?**
An FIR was registered at the MRA Marg Police Station in Mumbai in 2013, which was subsequently transferred to the Economic Offences Wing (EOW) of the Mumbai Police. The case involved allegations of fraud and criminal conspiracy against the platform provider, its directors, and 25 defaulting members.
It was alleged that trading in commodities was permitted without the backing of actual physical stock. This fraudulent activity led to a massive payment default, severely affecting approximately 13,000 investors and resulting in outstanding dues amounting to around ₹5,600 crore. Subsequently, the ED registered a case under the Prevention of Money Laundering Act (PMLA) and initiated an investigation. To date, the ED has issued 35 provisional attachment orders, attaching assets worth approximately ₹3,464 crore.
On November 28, 2025, the NCLT approved a settlement scheme worth ₹1,950 crore, which had garnered the support of over 92% of the creditors. Appeals against this decision were filed before the NCLAT and the Supreme Court, but the petitions were dismissed in both forums. The Supreme Court had also directed the immediate implementation of the order to ensure the earliest possible repayment to investors.
**ED Issues NOC to Facilitate Repayment**
To expedite the repayment process for investors, the ED has issued a No-Objection Certificate (NOC) regarding this entire arrangement. According to the order, if the sale of assets yields an amount exceeding ₹1,950 crore, the surplus funds will remain in the custody of the Special Court pending the final verdict.
Earlier, acting on the directives of a committee constituted by the Supreme Court (headed by retired Justice Pradeep Nandrajog), the ED had distributed approximately ₹17.47 crore to investors.
The ED has clearly stated its firm commitment to seizing assets linked to financial crimes, curbing money laundering, and ensuring that legitimate investors recover their money.
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