Earlier, EOW had arrested five accused in the scam which came to light in July 2013. They are former NSEL CEO Anjani Sinha, two mid-level executives of the exchange Amit Mukherjee, Jay Bahukhundi; NK Proteins MD Nilesh Patel and Lotus Refineries CMD Arun Sharma, also a film financier. NK Proteins and Lotus Refineries were among the biggest NSEL defaulters. A 9,100-page chargesheet against the five accused was filed in January.
However, the chargesheet did not mention the names of Shah (Promoter-Director of NSEL) and another Director Joseph Massey, who allegedly played key roles in the fraud.
After the crisis came to light, an FIR was filed on September 30 last year by EOW against Shah, Massey and others, charging them with cheating, forgery, breach of trust and criminal conspiracy, among other offences. The spot commodity bourse has been facing problems in settling Rs 5,600 crore dues of over 200 member-brokers, representing 13,000 investor-clients.
Police also suspect role of brokers in the scam as many of them sold NSEL commodities despite being in know of fraudulent practices in the spot exchange. To recover investor money, EOW has invoked Maharashtra Protection of Interest of Depositors Act, which empowers police to attach immovable assets of the accused.
