EOW arrests NSEL vice-president Amit Mukherjee

A top official of the crippled National Spot Exchange (NSEL) which defaulted on its payment for the eighth time in a row yesterday, was arrested by the Economic Offence Wing (EOW) of the Mumbai police today in connection with the bourse's Rs 5,600 crore scam.
In the first arrest in the more than two-months old case, Amit Mukherjee, vice-president at NSEL's business development department, was called for questioning and subsequently placed under arrest for his role in the scam, said additional police commissioner (EOW) Rajvardhan Sinha late this evening.
The first arrest comes a day after the investigators "briefly" recorded the statement of Jignesh Shah, chairman and managing director of Financial Technologies that promotes the beleaguered NSEL, along with other directors Joseph Massey, Shreekant Javalgekar and Dewang Neralla.

According to police, Shah had put the blame squarely on Mukherjee and former bourse MD & CEO Anjani Sinha for the fraud. Anajni was yet to show up before the investigators.
Mukherjee had introduced new members, investors, clients and companies to NSEL, including those firms that defaulted in making payments, said another officer.
"Mukherjee had also received kickbacks from various companies, including Mohan India, one of the largest borrowers from the exchange," the official added.
The investigators wanted to grill Mukherjee since September 30, the day an FIR was registered in the case but he was evading cops.
"We had also gone to his residence in Mira Road but he could not be traced. Today he appeared before us and we arrested him the case," the officer said.