The special court hearing the NSEL case has ordered the release of the property owned by a former non-executive director located in Pune on the grounds that the property was purchased long before the period of the alleged fraud.
Bhagwat Dhadaji Pawar, a 73-year-old Pune resident, requested the special court to release his flat, which was attached by investigators on March 12, 2015. Pawar argued he bought the flat in 2006, before NSEL began operations in October 2008, and claimed his properties weren’t linked to NSEL deposits. He also stated he was only a non-executive director with no role in daily operations. The prosecution opposed the plea, citing his position as a director and supported making the attachment absolute.
While ordering the release of his property, the court stated that he owned the flat long before the commencement of the NSEL fraud. “Thus, neither is there money flow nor is there conversion of tainted money into the attached property,” the court said.
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