NSEL crisis: EOW makes second arrest

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SummaryThe Economic Offences Wing (EOW) of Mumbai Police on Thursday arrested Jai Bahukhandi, assistant vice president of the National Spot Exchange Limited (NSEL).

The Economic Offences Wing (EOW) of Mumbai Police on Thursday arrested Jai Bahukhandi, assistant vice president of the National Spot Exchange Limited (NSEL), in connection with the Rs 5,600 crore settlement crisis on the exchange. This is the second arrest in the case, the first being that of Amit Mukherjee, vice president, Business Development, NSEL.

According to EOW officials, Bahukhandi presented himself for questioning before the EOW in response to the summons issued to him last week, and was placed under arrest in the evening. Officials said that he would be produced in court on Friday.

Meanwhile, the Bombay High Court on Thursday observed that the NSEL crisis is a serious issue as it affected several persons.

The Bombay High Court made the observation while directing the ministry of consumer affairs, finance ministry and Forward Market Commission (FMC) to file their affidavits in reply to a PIL seeking CBI probe in it. The CBI, meanwhile, gave indications that it might close its inquiry into alleged irregularities by NSEL to avoid multiplicity of investigations. With PTI

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