Shares of Financial Technologies (India) (FTIL) – now known as 63 moons technologies – on Wednesday plunged to a low of ₹82.55 – 9.63 per cent down over the previous day’s close, in the wake of the company’s founder Jignesh Shah being arrested on late Tuesday. Shares of the company, however, recovered a little to close the day at ₹85.85 on the NSE. On the volume front, four lakh shares of the company were traded on the BSE and 14.26 lakh shares changed hands at the NSE during the day.

The company has expressed shock over the Enforcement Directorate’s move to arrest Shah in connection with its ongoing probe into the ₹5,600-crore NSEL scam.

Shah was arrested on Tuesday evening under the provisions of the Prevention of Money Laundering Act (PMLA) as “he was not cooperating in the investigation”.

‘Coercive step’ Reacting to the development, an FTIL spokesperson said: “We fail to understand why such a coercive step has been taken by the Enforcement Directorate when he has been fully cooperating with the investigation and has been going every time he has been called, even on Tuesday, especially when the ED’s own complaint has failed to establish any money trail to either him or 63 moons. We have full faith in Indian judiciary and sincerely believe that truth will prevail.”

This is not the first time Shah had been placed in custody in relation to the NSEL scam. The Bombay High Court had, in August 2014, granted bail to Shah after nearly 100 days of custody.

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