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The special court set up under Prevention of Money Laundering Act has remanded Jignesh Shah, promoter of scam-tainted National Spot Exchange, to judicial custody till August 1.
Meanwhile, Shah has filed his bail application that will come up for hearing in the special court on July 26. All the other 66 accused in the NSEL scam appeared in court on Monday, and their hearing will start on August 3.
The Enforcement Directorate had arrested Shah on July 12 on charges of money laundering and allegedly not cooperating with investigations. The ED had sought Shah’s custody as it was in the process of filing a fresh complaint under the Prevention of Money Laundering Act, 2002, on the back of new evidence of money laundering.
Advocate Arvind Lakhawat told BusinessLine there is no evidence of any money trail leading to Shah or his family members, and this was confirmed by the Bombay High Court when it gave bail to Shah.
“We are confident of getting bail for Shah, as the alleged ‘new evidence’ with the ED also does not point to any money trail and also considering that he has already spent 100 days in jail,” he said.
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