Accusing the state and the Centre of protecting Shah for all these months, Somaiya said the new government will take appropriate actions against the accused.
Mumbai Economic Offences Wing (EOW) on Wednesday arrested Jignesh Shah in NSEL case.
Speaking on the next course of action, corporate lawyer HP Ranina said Shah will now be produced before court, which will decide the way forward. He said the court will now remand Shah to police custody. They will interrogate him, which is the next logical step.
Ranina said the move will definitely come as a major blow to entire the empire that Shah has built over the years. "He was the kingpin of this whole enterprise, if he is done any wrongdoing, it will reflect on the entire enterprise," he said, adding that this will have a serious effect on the ongoing proceedings, which in turn will impact the final outcome.
He said the PwC audit report has definitely played an important role in the development.
Praising EOW's move, member of NSEL Investor Forum Arun Dalmiya said the arrest was long overdue. Dalmiya said that other accused too should be booked and investor money should be returned. .
BJP minister and member of NSEL Investor Forum Kirit Somaiya too echoed Dalmiya's sentiments saying: "Jignesh Shah should have been arrested long back."
Accusing the state government and Centre of protecting Shah for all these months, Somaiya said the new government will take appropriate actions against the accused.
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