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More than two months after the Rs 5,600-crore scam broke out at the National Spot Exchange Ltd, the Economic Offences Wing of Mumbai police made its first arrest on Wednesday.
Amit Mukherjee, Assistant Vice-President (Business Development), NSEL, was arrested a day after Jignesh Shah, the promoter, and Joseph Massey, former director of the spot exchange, were interrogated by the Mumbai police for over three hours on Tuesday.
Aggrieved NSEL investors, awaiting settlement of the trades executed on the exchange platform, have filed cases against the entire board of NSEL and Financial Technologies, founded by Shah.
Based on investors’ complaints, Mumbai police late last month filed an FIR against Shah, Massey, Anjani Sinha, Managing Director of NSEL, and 24 investors, who defaulted on their payment obligation.
More arrests likely
Police may arrest more NSEL officials in the coming days, said sources.
The Bombay High Court is also hearing a petition filed by the NSEL Investors Forum and individual investors. The Government had roped in the services of the Forward Markets Commission, a department under the Finance Ministry, to oversee the settlement process.
The Enforcement Directorate has asked the Mumbai police to probe the possibility of money-laundering in the scam.
Earlier, Sinha had named Mukherjee as the mastermind behind the crisis.
He said Mukherjee was drawing a monthly salary of Rs 19 lakh, owns two flats on Mira Road on the outskirts of Mumbai, and drives a Range Rover and a Volkswagen Polo.
Before joining NSEL, Mukherjee had worked with audit firm Ford Rhodes, Kolkata-based Fair Services, Duncans Industries, Marine Supply Corporation and Petroleum Bazar.
In his affidavit submitted earlier to the EOW, Sinha gave a clean chit to Shah and directors of Financial Technologies, saying he and his senior management team were responsible for the day-to-day functioning of the exchange.
Apart from Mukherjee, Sinha has named Jai Bahukhandi, AVP Warehousing; Shashidharan Kotian, CFO; HB Mohanati, AVP Delivery; Santosh Mansingh, AVP Clearing and Settlement as persons responsible for the current problems faced by NSEL.
> suresh.iyengar@thehindu.co.in
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