Updated: July 19, 2016 9:18:01 am
A special Prevention of Money Laundering Act (PMLA) court sent Jignesh Shah, accused in the National Spot Exchange Limited scam, to judicial custody till August 1. The ED had sought a further five-day custody of Shah after interrogating him last week claiming new incriminating evidence. Special Judge PR Bhavake, however, refused to grant further custody to ED.
Shah filed a bail application. The court has directed the ED to file its reply on his plea on July 26. Shah requested before court that he be transferred to Kalyan prison instead of Thane prison by claiming that he had a security threat from one of the gangs. Shah had been lodged at Thane prison for 108 days. He was arrested in 2014.
In its remand plea last week, the ED claimed the subsidiaries formed by Shah were used to make transactions on the NSEL platform which were ‘bogus’ and ‘artificially exaggerated’.
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