Latest: Corruption and Money Laundering.
ED ARRESTS NSEL SCAM ACCUSED JIGNESH SHAH FOR MONEY LAUNDERING.
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| Jignesh Shah |
The arrest follows a presentation made by NSEL investors' forum to a senior ED officer on how the money skimmed from the exchange was laundered by Shah and his associates.
Financial Technologies India Limited (FTIL) founder Jignesh Shah, one of the key accused in the Rs 5600-crore National Spot Exchange (NSEL) scam, was arrested late on Tuesday evening by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA).
Shah, who once ran the National Spot Exchange Limited, was arrested after ED officials questioned him for nearly 10 hours at the agency's Nariman Point office.
Shah was first arrested by the Mumbai police's Economic Offences Wing in in connection with the NSEL scam in 2014 under the various sections of Maharashtra Protection of Interest of Depositors Act. He was granted bail.
While the ED had filed a separate case in the NSEL scam under the money laundering laws against 68 accused, including Shah, in March last year, his arrest is the first by the agency in the case.
According to ED officials, Shah was called for questioning early on Tuesday morning and was arrested when the interrogators felt that he was not cooperating. He will now be produced at the Prevention of Money Laundering Act (PMLA) Court on Wednesday where the agency will seek his custody.
The charge sheet filed by the ED in the NSEL scam had referred to a Rs 3721.22 money trail. Just last week, the special PMLA court had summoned all the accused in the case filed by the ED.
Financial Technologies India Limited (FTIL) founder Jignesh Shah, one of the key accused in the Rs 5600-crore National Spot Exchange (NSEL) scam, was arrested late on Tuesday evening by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA).
Shah, who once ran the National Spot Exchange Limited, was arrested after ED officials questioned him for nearly 10 hours at the agency's Nariman Point office.
Shah was first arrested by the Mumbai police's Economic Offences Wing in in connection with the NSEL scam in 2014 under the various sections of Maharashtra Protection of Interest of Depositors Act. He was granted bail.
While the ED had filed a separate case in the NSEL scam under the money laundering laws against 68 accused, including Shah, in March last year, his arrest is the first by the agency in the case.
According to ED officials, Shah was called for questioning early on Tuesday morning and was arrested when the interrogators felt that he was not cooperating. He will now be produced at the Prevention of Money Laundering Act (PMLA) Court on Wednesday where the agency will seek his custody.
The charge sheet filed by the ED in the NSEL scam had referred to a Rs 3721.22 money trail. Just last week, the special PMLA court had summoned all the accused in the case filed by the ED.
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