Archive · 23 Jul 2026
Bombay HC Releases Chandigarh Property in NSEL Scam Case
The Bombay High Court has ordered the release of a residential property in Chandigarh that was attached in 2014 as part of the NSEL scam case.
The court found that there was no direct link between the property and the investors' funds.
The property was purchased by Seema Sharma with a loan from Punjab National Bank, and the court noted that the bank had already initiated recovery proceedings.
The court also pointed out that the forensic audit report did not attribute any role to Sharma in the alleged offence.
The High Court quashed the attachment notifications and released the property, clarifying that the decision was based on the specific facts of the case.
The Bombay High Court ordered the release of a Chandigarh property attached in the NSEL scam case.
The court found no direct link between the property and investors' funds.
The property was purchased by Seema Sharma with a loan from Punjab National Bank.
The bank had initiated recovery proceedings and obtained a recovery certificate for over Rs 2.53 crore.
The forensic audit report did not attribute any role to Sharma in the alleged offence.
- Who
- Seema Sharma and Arun Sharma
- What
- Release of a Chandigarh property attached in the NSEL scam case
- When
- July 22
- Where
- Bombay High Court
- Why
- No evidence linking the property to investors' funds
Prosecution's Argument
Defendant's Argument
Property Attachment
Prosecution's Argument
The property should remain attached as it is linked to the NSEL scam and the defendant's husband is a co-borrower.
Defendant's Argument
The property was purchased with a bank loan and has no direct link to investors' funds.
- Property Location
- Chandigarh
- Loan Amount
- Rs 3.63 crore
- Recovered Amount
- Rs 2.53 crore
- Amount Received from Husband
- Rs 55 lakh
- Amount Recovered from Defendant
- Rs 68.80 lakh
- Court Decision Date
- July 22
- Original Attachment Year
- 2014
- Company Involved
- Lotus Refineries Pvt Ltd