Afresh round of evidence indicates how the masterminds
behind the Rs. 5,600-crore NSEL scam allegedly manipulated fronts like the
Apian Finance and Investments Limited (Apian) and Indian Bullion Market
Association (IBMA)—a consortium of leading bullion and jewellery merchants—as
guinea pigs to maximise their own profits. The outcome was that while FTIL/NSEL
raked in profits worth crores is a short spell of time, Apian, IBMA and a
number of such companies were deliberately left high and dry.
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