In 2013, India was hit by one of the biggest financial scandals in its history, involving the National Spot Exchange Limited (NSEL). The NSEL was a commodities exchange, where investors could trade in commodities such as gold, silver, and agricultural products. However, it turned out that the exchange was operating as a Ponzi scheme, with the promoters siphoning off funds and using them for personal gain. One of the key figures in this scandal was Nilesh Patel, who was the CEO of the exchange at the time.