The Ex-CFO of NSEL, Shashiidhar Kotian has been arrested by Mumbai Police in connection with the shuttered commodities spot exchange scam, as reported by a senior Economic Offences Wing (EOW) official.
Kotian was produced before the court on Friday which decided to send him on remand till January 28. The agency had sought his remand for the confirmation of some facts.
The NSEL scam is connceted to the payment crisis driven by the physical absence of the commodities against th einvested money. As many as 13000 investeors have made claims of losing after the trading platform faced a payment crisis, forcing the govt to order a shutdown.