NSEL fiasco: PD Agroprocessors agrees to pay Rs42.77 crore

NSEL said it has recovered part payment out of Rs637.49 crore from PD Agroprocessors and would use the money for paying back to its investors

National Spot Exchange Ltd (NSEL) had said that Ranjeev Aggarwal, the erstwhile chief financial officer of PD Agroprocessors (PD Agro), the third largest borrower of the Exchange, has offered to pay Rs42.77 crore as part payment.

 

"Ranjeev Aggarwal, who is currently the director of Primezone Developers Pvt Ltd (Primezone), agreed to pay NSEL Rs42.77 crore in eight instalments, vide cheques as per the schedule agreed upon. The first payment of Rs1 crore, as per the schedule, has been received," NSEL said in a release.

 

This amount was jointly invested by PD Agro, Mohan India and Swastik Overseas in a project being developed by Primezone in Karnal, Haryana.

 

Of the amount indirectly invested in Primezone’s project, PD Agro’s contribution was Rs31.10 crore, while that of Mohan India was Rs10 crore. Swastik Overseas invested an amount of Rs1.67 crore in the project.

 

NSEL said, "PD Agro, the third largest borrower, of the Exchange, traded on behalf of Dunar Foods Ltd, Dulisons Cereals and Dulisons Foods, and has a payment obligation of Rs637.49 crore. So far it managed to pay only Rs7.06 crore of the outstanding amount. It is believed that investors such as PD Agro siphoned amounts due to investors from the trades executed on the NSEL platform."

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