Mumbai: A special Prevention of Money Laundering Act (PMLA) court on Tuesday remanded the National Spot Exchange Limited Scam accused Jignesh Shah to judicial custody till first of next month. The court refused to extend his custody with the Enforcement Directorate. The ED sought his custody as it is in the process of filing a fresh complaint while Shah has applied for bail, which will come up for hearing on 26th of this month.
Shah was arrested on 12th of July in connection with the 5,600-crore rupees NSEL scam and was in the ED’s custody till Monday. Over 13,000 investors have allegedly lost money due to malpractices by the directors and the promoters of NSEL. Shah is the founder and former chairman of Financial Technologies ( India ) Ltd. (FTIL), which holds 99.99 per cent stake in NSEL.