India\\\'s Financial Technologies chief arrested in probe
Thursday, 8 May 2014
The head of India's Financial Technologies, which owns a commodities exchange, was expected to appear in court on Thursday over a multi-million-dollar fraud allegedly committed at the bourse, an officer said.
Financial Technologies chairman Jignesh Shah was arrested late Wednesday over the alleged fraud, news that sent the company's shares plummeting five percent on the Bombay Stock Exchange.
Shah has been under investigation since the National Spot Exchange (NSEL) in Mumbai, owned by his company, suddenly suspended trade in most of its commodities contracts at the end of July last year.
The commodities regulator claimed a 56-billion-rupee ($933-million) fraud had been committed after the exchange defaulted on dues to investors because it did not have enough collateral, according to AFP.