NSEL scam: Brokers of IIFL, Anand Rathi, Geojit arrested

The Economic Offences Wing (EOW) of Mumbai Police has arrested three officials of brokerages involved in the Rs.5,574.34 crore fraud at the National Spot Exchange Ltd (NSEL). Amit Rathi of Anand Rathi Financial Services Ltd, C.P. Krishnan of Geofin Comtrade Ltd and Chintan Modi of India Infoline Ltd (IIFL) have been arrested.The NSEL scam had come to light after the government had on July 31, 2013, ordered the Jignesh Shah-promoted spot exchange to stop trading in some instruments which led to a payment crisis. Following this, the exchange was forced to suspend trading and eventually down shutters, leaving over 11,000 investors in the lurch.