Thursday, Apr 25, 2024 | Last Update : 05:35 AM IST
Former NSEL CFO in dock for commodities scam
The NSEL scam refers to the payment crisis driven by the physical absence of commodities against invested money.
Mumbai: The Mumbai police has arrested former chief financial officer (CFO) of NSEL Shashidhar Kotian in connection with the Rs 5,600 crore now-shuttered commodities spot exchange scam, a senior Economic Offences Wing official said.
Kotian was produced be-fore a court on Friday, which remanded him to police custody till January 28. The agency sought his remand as it needed more details, the official said.
The NSEL scam refers to the payment crisis driven by the physical absence of commodities against invested money.
About 13,000 investors have claimed losses after the trading platform fac-ed a payment crisis, forcing the government to order its shuttering. The crisis broke out on July 31, 2013, when the exchange failed to honour its commitments to its investors.
