Bombay HC Releases Chandigarh Property From MPID Attachment In Alleged NSEL Scam, Finds No Nexus With

Bombay HC ordered release of a Chandigarh residential property attached under MPID Act in the NSEL case, finding no direct nexus with investors' funds.

The property was purchased by Seema Sharma via a Rs 3.63 crore housing loan from Punjab National Bank, with recovery proceedings already initiated.

Though Sharma received Rs 55 lakh from her husband Arun Sharma (an NSEL accused), Rs 68.80 lakh was already recovered and deposited with EOW.

The court rejected the argument that attachment should continue because Sharma's husband was a co-borrower, noting loan nature unchanged.

The forensic audit did not attribute any role to Sharma or show fund flow from borrower company Lotus Refineries to her.