The Enforcement Directorate has arrested Kailash Agarwal, Director of Ludhiana-based ARK Imports in the Rs 5,600-crore settlement default case in the National Spot Exchange.
ARK Imports defaulted Rs 729 crore to NSEL investors.
Agarwal is being arrested for the second time in the case as he was earlier arrested by the Economic Offences Wing of Mumbai on August 11, 2014.
Various investigative agencies probing the case are putting in additional efforts on clear instructions from the Government to speed up the case and recover money from defaulters.
The Enforcement Directorate had on Tuesday arrested Jignesh Shah, promoter of Financial Technologies which owns NSEL.
ED, a specialised financial investigation agency under the Finance Ministry, has found evidence of money laundering against Shah and booked him under the Prevention of Money Laundering Act, 2002 (PMLA).
Shah was arrested for the second time in connection with the NSEL fraud. He was arrested by the Economic Offences Wing of the Mumbai Police in May 2014 and granted bail by the Bombay high court three months later.