India, Feb. 20 -- The Bombay high court recently upheld a special court's orders to prosecute five directors of different financial institutions and two firms as the accused in the National Spot Exchange Ltd (NSEL) payment default case. The five individuals and two firms were named the accused based on an application filed by the spot exchange in 2023.

The case, which came to light in 2013, involved a settlement crisis and payment default of Rs.5,574 crore, leading to losses for 13,000 investors. The accused allegedly hatched a criminal conspiracy to defraud investors by inducing them to trade on the NSEL platform, creating forged documents like bogus warehouse receipts and falsified accounts.

The Mumbai police's Economic Offences Wing ...