A city sessions court today remanded former CEO of the National Spot Exchange Ltd (NSEL) Anjani Sinha to judicial custody in connection with the ongoing payment scam at the company.
The court also extended police custody of NK Proteins Limited Managing Director Nilesh Patel till November 4.
"Sinha was remanded in judicial custody for 15 days by the Special Court set up under the Maharashtra Protection of Interest of Depositors (MPID) Act," Deputy Commissioner of Police (Economic Offences Wing) Balsingh Rajput said today.
The EOW investigators produced Patel, who was arrested on October 22, in the Court as his police custody ended today.
The Public Prosecutor sought extension of Patel's police custody, saying further interrogation was required to unearth the conspiracy behind the scam, find out assets procured using the ill-gotten money and to understand the role of other suspects.
Meanwhile, representatives of some of the largest borrowers of NSEL, including Laxmi Group, Mohan India, MSR Food Processing and Swastik Group, were yet to appear before EOW officials for questioning.
"Non-cooperation by these companies will go against them," warned an officer.
An FIR was registered in the case on September 30 by Mumbai Police's EOW against top NSEL executives, including Jignesh Shah and Joseph Massey, promoters and defaulters.
All of them have been charged with cheating, forgery, breach of trust and criminal conspiracy and other offences under the Indian Penal Code.
Police had arrested Amit Mukherjee, a former Assistant Vice-President of NSEL, on October 9 and Jay Bahukhundi, another ex-Assistant Vice-President, the next day.
The two are currently in judicial custody. The NSEL has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients after it suspended trade on July 31 on government's direction.
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