ONCE touted as the wonder boy of the commodity markets,
"We have arrested
Besides, former head of Multi- Commodities Exchange Shreekant Javalgekar was arrested. With Shah's arrest, the total number of arrests in the scam has gone up to 11. The first arrest was Sinha's arrest last October.
The EOW had invoked provisions of Maharashtra Protection of Interest of Depositors Act.
Sinha said that Shah took most of the important decisions at NSEL and wanted absolute control over the exchange in all matters. NSEL earned the bulk of its revenues for FTIL, Shah's flagship company, which holds 99.99 per cent stake in NSEL, and Shah was keen to enhance NSEL's revenues so as to compensate for the losses he incurred in his other financial ventures, Sinha had added.
Shah and his family together hold around 45.5 per cent in FTIL. With Shah's arrest, the total number of arrests in the scam has gone up to seven. The first arrest was Sinha's arrest last October.
"This is divine justice," said an excited
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