Jharkhand scam accused stakeholder in NSEL firm
Manoj Punamiya, an associate of former Jharkhand CM Madhu Koda, has a 1.05% stake in Indian Bullion Market Association
Mumbai: An alleged hawala operator and key suspect in the Jharkhand money laundering scam dating back five years owns a stake in an entity controlled by the National Spot Exchange Ltd (NSEL)—a revelation that raises more questions over the credibility of the crisis-hit commodities exchange.
Manoj B. Punamiya, an associate of former Jharkhand chief minister and alleged mastermind of the scam Madhu Koda, has a 1.05% stake in Indian Bullion Market Association Ltd (IBMA), of which NSEL owns 60.88%, according to Registrar of Companies (RoC) documents seen by Mint. He was one of the 11 people who held a more than 1% stake in the company, apart from NSEL, as of the year ended March 2012.
A special team headed by economic affairs secretary Arvind Mayaram is investigating the payment crisis and expected to submit its report on 12 September.
The shareholding list of IBMA with RoC states that Punamiya holds 152,764 shares in IBMA.
Until press time on Thursday, Mint had not received a call from either Jain or Punamiya.
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