The MPID Court in Mumbai has extended the judicial custody of the three commodity brokers arrested in connection with the NSEL case to March 20.

 

Last week, the city police’s Economic Offences Wing arrested Amit Rathi, Managing Director, Anand Rathi Commodities, Chintan Modi, Commodities Vice-President at India InfoLine, and CP Krishnan, whole-time Director of Geofin Comtrade, for their alleged involvement in the Rs 5,600-crore payment default at the National Spot Exchange Ltd.

Justice DP Surana, presiding over the Maharashtra Protection of Interest of Depositors’ Act (MPID) court, turned down the bail application by the three accused on Friday.

The EOW is currently investigating allegations that brokers on the NSEL platform manipulated client codes to mask the true nature of transactions and also allegedly sold NSEL products, incorrectly, promising assured returns.