The special court on Thursday extended the Economic Offences Wing (EOW) custody of Jignesh Shah, the director of National Stock Exchange Limited (NSEL), and Shrikanth Javalgekar, group financial controller, till May 19. According to the investigating agency, the two were arrested in connection with their alleged role in the Rs5,600 crore NSEL scam.
Appearing on behalf of EOW, advocate Avinash Avhad told the court that extension of the duo's custody was required since some new facts had emerged during their interrogation. The EOW wanted to question them further in connection with certain scam-related documents that were found during the course of investigation.
Avhad further added that Shah and Javalgekar did not follow proper procedures while giving membership to 25 defaulting borrowers. "The money lost is not merely a loss in trade but violation of procedures," Avhad said.
However, defence advocates opposed the extension of their clients' police custody. The defence claimed that the agency had already conducted a detailed search and interrogation in the case, and since no new facts had come up, there was no need for the prosecution to seek custody extension.
Meanwhile, the two accused have also applied for bail, and the arguments on the same would take place on May 19.