Somaiya welcomed the arrest of Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah by the Economic Offences Wing (EoW) of the Mumbai police, for his alleged role in the Rs 5,600-crore National Spot Exchange Limited (NSEL) scam.

Somaiya, who had filed a public interest litigation (PIL) in the Bombay High Court last year demanding that the NSEL along with its promoters and top officials be made to pay Rs 8,000 crore to farmers and small investors, said that all those involved in the alleged scam should be arrested and their properties seized.

"A special action group should be formed to dispose of properties and pay back small investors' money," Somaiya said.     

Earlier, the BJP politician had demanded the court to direct the ministry of consumer affairs to declare NSEL promoters and directors as not "fit and proper" and that the spot exchange be barred from any further business activities until an order is passed by the court.

Somaiya had also written letters to the ministry of finance and consumer affairs to register criminal cases and investigate the money trail in the alleged NSEL scam.

Somaiya had named NSEL top brass, including Jignesh Shah and former NSEL chairman Shankarlal Guru as respondents.

The Central Vigilance Commission, Central Board of Direct Taxes, Economic Offence Wing (Mumbai Police), Mukesh P Shah (statutory auditor of NSEL) and the government-owned Minerals and Metals Trading Corporation (MMTC) were also listed as respondents in his petition.


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