Jignesh Shah arrested by ED in NSEL scam case

Shah has been reportedly arrested by the ED for non-cooperation with investigation agencies. Shah will be produced in PMLA Court on Wednesday, a CNBC-TV18 Tweet quoted a ED official as saying.

Written by FE News Desk

New Delhi

Updated: July 12, 2016 22:20 IST

Jignesh Shah was arrested last week by the CBI in a case of alleged cheating and suppression of facts in getting Sebi extension to MCX-SX to continue as a private stock exchange. (Reuters)

The Enforcement Directorate has arrested Financial Technologies chief Jignesh Shah in Rs 5,600 cr NSEL scam case.

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Shah has been reportedly arrested by the ED for non-cooperation with investigation agencies. Shah, who is charged with Prevention of Money Laundering Act, will be produced in PMLA Court on Wednesday, a CNBC-TV18 Tweet quoted an ED official as saying. The ED may also seek the custody of Shah from court.

NSEL scam was a ponzi scheme estimated to be a Rs 5,600 Cr fraud.

Kirit Somaiya, who claims to have ‘exposed’ NSEL scam four years ago, said that he has requested SEBI to strengthened probe in the case, and that the issue must be resolved within a couple of months.

“Will Meet MoS Arjun Meghwal On Several Issues Including NSEL Scam” said Somaiya at CNBC-TV18.

This article was first uploaded on July twelve, twenty sixteen, at five minutes past ten in the night.