EOW makes 7 more arrests in NSEL scam

Written by fe Bureau | Updated: Aug 12 2014, 06:54am hrs
The Economic Offences Wing (EOW) of Mumbai Police on Monday arrested seven people in relation to the `5,600-crore National Spot Exchange scam.

EOW officials said that promoters and executives of seven defaulted entities that collectively owed close to R1,200 crore as of August 16, 2013, were arrested in Mumbai after a day-long interrogation.

These include Kameswara Rao, CMD of Spincot Textiles, Kailash Aggarwal, partner of ARK imports, Prashant Borugu, director of Metcore Alloys, BVH Prasad, director of Aastha Group and Juggernaut Projects. The EOW also detained Narayan Rao of NCS Sugars, and Varun Gupta and Chandramohan

Singhal of Vimladevi Agrotech on Tuesday.