NSEL investors raise concerns over Ram Naresh Saraf and Primezone Developers agreement

MUMBAI: A group of NSEL investors have expressed serious concern over the agreement between one Ram Naresh Saraf and Primezone Developers, a firm floated by former CFO of defaulter PD Agro. Saraf is father of Pankaj, an investor on whose complaint Economic Offences Wing of Mumbai police filed the FIR in the Rs 5,600-crore NSEL scam, according to Ketan Shah-led NSEL investors' action group.

The group has alleged that the deal, in which Primezone has purchased the dues of Saraf for Rs 54 lakh is a "clear attempt on the part of Jignesh Shah/NSEL/FTIL to bribe/influence material witness and silence the criminal investigation against them by influencing/buying out the first informant (sic) whose role is crucial in the investigation/trial".

However, NSEL and FTIL, its promoter, denied investors' allegation.

"The complaint was that Ram Naresh Saraf has clandestinely entered into an agreement with the defaulting member and recovered his money at a discount of 10%. The HCC has taken this on record. A copy of the same is attached for your kind perusal," said an NSEL spokesperson.

Pankaj Saraf did not respond to a call nor answer a text message asking him to confirm such a deal had taken place. FTIL/ NSEL officials were not immediately available for comment.