A day after the Mumbai police started attaching the properties of the Vice-Chairman of National Spot Exchange Limited (NSEL), around 50 investors of the beleaguered company landed at the Mumbai police's headquarters, demanding a speedy probe against the company directors.

The investors submitted a two-page demand to Himanshu Roy, the Joint Commissioner of Police, Crime, who is supervising the case.

“The police has recorded the statement of one of the directors, Srikant Javglekar, but he hasn’t been arrested so far. We want him to be taken into custody as he will spill the beans and his statement will directly indict Jignesh Shah,” one of the investors told The Hindu .

On 30th September, one of the investors had filed an FIR against the directors and key management persons of NSEL for cheating , forgery, criminal breach of trust and conspiracy.

The FIR stated that the accused hatched a criminal conspiracy to defraud the investors and misrepresented that they were investors and induced them to trade on the platform of NSEL by creating forged documents like bogus warehouse receipts, thereby defrauding the clients.

Five people, including the CFO, Anjani Sinha, two vice-presidents—Amit Mukherjee and Jay Bahukhundi— and two borrowers have already been arrested by the Mumbai police.

The police claim that more arrests are likely to be made ahead.

Responding to questions, Mr. Roy told the press, “We have already started freezing the assets of the company. The matter of arrest is a matter of strategy.”

“We have seized the shares of Mr. Shah yesterday, and are doing what is legally viable,” Mr. Roy added.

The police are planning to liquidate the assets as soon as possible to help bail out the investors.

"Some of the investigators have told us that they have pressing needs like family emergency, etc. Once the liquidation of assets take place, the fund shall be released on a pro rata basis," Mr. Roy added.

Correction

The article has been edited to incorporate the following correction:

In the Business page story titled “Investors demand speedy probe of NSEL directors”, (Dec. 5, 2013) NSEL was wrongly expanded as National Stock Exchange Ltd. instead of National Spot Exchange Ltd.