Three leading brokers nabbed in NSEL scam

” The EOW has been investigating the Rs.5,000 crore NSEL scam in which Jignesh Shah, founder of the Financial Technologies and two others from the company were arrested in last May.”

Mumbai, March 3 – Three top brokers here were arrested on Tuesday for their alleged involvement in the multi-crore-rupees National Spot Exchange Ltd. (NSEL) scam, official sources said.

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Mumbai police’s Economic Offences Wing (EOW) arrested the trio — Anand Rathi of Anand Rathi Commodities Ltd, Chintan Modi of IndiaInfoline Commodities and C.P. Krishnan of Geofin Comtrades Ltd.

The EOW has been investigating the Rs.5,000 crore NSEL scam in which Jignesh Shah, founder of the Financial Technologies and two others from the company were arrested in last May.

Shah, who had to subsequently quit as the managing director and CEO of Financial Technologies, was released on bail last August in the sensational scam which erupted in July 2013.