He was produced before the Special Prevention of Money Laundering Act (PMLA) Court which granted the remand till July 18 to the ED, which had accused Shah of “meticulously planning and executing” the scam. Read: FTIL founder Jignesh Shah arrested in money laundering case“Thus it appears Shah has used its subsidiary companies like IBMA and NBHC for bogus traders and money-laundering,” the ED remand application said. A special court on Wednesday remanded industrialist and FTIL founder Jignesh Shah to five-day’s Enforcement Directorate (ED) custody after his arrest late on Tuesday in the Rs 5,600 crore National Spot Exchange Ltd (NSEL) scam. Subsequently, the ED which entered into the probe, lodged criminal cases against the NSEL and 67 others under the PMLA for alleged money-laundering of crores of rupees. Earlier, Shah was arrested by the Mumbai Police Economic Offences Wing in May 2014 and released on bail in August that year.

Source: Hindustan Times July 13, 2016 17:15 UTC