Former managing director and chief executive of National Spot Exchange Limited (NSEL) Anjani Sinha was arrested by the economic offences wing of Mumbai police on Thursday. He was questioned for hours before the arrest.
Mr Sinha was grilled by the Enforcement Directorate on Wenesday.
He has been arrested for his alleged role in the NSEL scam which is pegged to be at Rs 5,600 crore.
Nearly 13,000 investors have been affected by the scam and stand to lose their money. This is a third arrest in the case.
The Mumbai police are expected to file an action-taken report against NSEL in the Bombay High Court on Friday.
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