According to ED, Shah was the main architect of the money laundering activities related to the scam. The PMLA court, while remanding Shah in ED custody, rejected his plea for interim bail. A local court on Wednesday remanded FTIL founder Jignesh Shah in Enforcement Directorate's custody till July 18 after he was arrested on money laundering charges in the Rs 5,600 crore National Spot Exchange Ltd scam. ED lawyer Hiten Venegaonkar contended that huge amount of money was laundered and Shah's acts constituted a very serious economic offence. However, the ED lawyer said Shah did not answer several questions during the interrogation and the investigation officer stopped questioning him.

Source: dna July 13, 2016 15:45 UTC