The Mumbai police will soon send details acquired from a backup server of Financial Technologies, the promoter of National Spot Exchange Ltd (NSEL), for forensic examination.

The details could, a senior police source said, reveal whether there was interaction via email between NSEL officials and those in FT linked to the crisis on the bourse.

The Economic Offences Wing (EOW) of the Mumbai police, which is investigating the Rs 5,600-crore scam at NSEL, had to rely on information from the backup server as they were told by FT that its server had crashed around three months ago. The police acquired the information from FT's mirror server in Bangalore.

"We wanted to examine the mail correspondence, but were told that the FT server had crashed around three months ago. We have recovered the information from the image server in Bangalore, which we will now be subjected to a forensic examination," said Rajvardhan Sinha, additional commissioner of police, EOW.

The mail communications could form a crucial piece of evidence as Jignesh Shah, founder of FT, has said that neither he nor FT were aware of the goings on at NSEL. Anjani Sinha, former MD & CEO of NSEL, who was arrested last month, has claimed that the NSEL board was aware of the impending crisis on the bourse. Shah is a board member on NSEL. Rajvardhan Sinha said police would examine the books of NK Proteinsand Adani joint venture.

"The losses shown on the JV company's books are being contested by NK Proteins...., which claims that they had supplied machinery, cash and raw material - raised from proceeds borrowed from investors on NSEL through paired contracts — to the JV. They (NK) suspect that Adani could have shifted losses from other group companies to the JV. This is something we have to examine..... Also, SV Ghatalia was the auditor for the JV," said Rajvardhan Sinha.

NK Proteins, police said, is the only company among the twenty-four odd borrowers whose books are showing an usually large discrepancy with those of NSEL's. While NSEL claims the company's outstanding is Rs 964 crore, NK's books show its outstanding at Rs 350 crore, police sources said. Part of the money NK raised was transferred to the 50:50 JV with Adani.

Police are likely to resume questioning of NSEL directors after Diwali. They are examining the books of the borrowers and will shift their focus to the auditors once the exercise with the defaulters is complete. (Economic Times)