The income tax (I-T) department has found that at least one of the big defaulters on National Spot Exchange Limited (NSEL) was using dummy bank accounts, suggesting the matter may be more than just a simple payments default. The I-T department is investigating whether the amounts invested were declared in the annual returns of the concerned parties.
NSEL officials, when asked whether they were aware of such diversion of funds, told FE they could not comment on the business transactions of its members, and that relevant authorities would take the necessary action in case anything wrong had been done.
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