In the first arrest in the NSEL’s Rs.5,600-crore payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row on Tuesday, was held on Wednesday by Mumbai police’s Economic Offence Wing. Amit Mukherjee, Vice-President at National Spot Exchange Ltd.’s (NSEL) business development department, was called for questioning, and subsequently placed under arrest for his role in the scam, Additional Police Commissioner Rajvardhan Sinha said.

The first arrest came a day after the investigators ‘briefly’ recorded the statement of Jignesh Shah, Chairman of Financial Technologies that promotes NSEL, along with other directors Joseph Massey, Shreekant Javalgekar and Dewang Neralla. Suspecting large-scale money laundering in the scam that broke out two months ago, the Enforcement Directorate, meanwhile, sought details of the case from Mumbai Police. — PTI