After finding contradictions in his statement and having strong evidence against National Spot Exchange Limited (NSEL) promoter Jignesh Shah, the Economic Offences Wing (EOW) of city crime branch on Wednesday decided to arrest him. The EOW had questioned Shah on 21 occasions ever since a case against NSEL was registered in September last year.
"We wanted to first pick up other persons associated with the scam and then give appropriate time to Shah so that we can get a clear picture of the scam. We were contemplating his arrest for a long time and when we had strong evidence against him that was contradicting his statements, we had no other recourse but to take his custody," said Rajvardhan Sinha, EOW chief.
According to Sinha, they had sought police custody of Shah and his associate Shrikant Javlekar to ascertain if more people were involved in the conspiracy. "We want to know who are the other directors and individuals involved in the case. As and when the case will progress and custodial interrogation of more people will be required, we will do so," he said.
He also added that the EOW has to recover some incriminating documents and for this police custody of Shah and Javlekar was required.