Jignesh Shah, founder of Financial Technologies Ltd. has been sent to judicial custody till August 1 by the anti-money laundering court in Mumbai.
The Enforcement Directorate will have to seek the permission of this court before it questions Shah again. His lawyers have applied for bail, which will come up for hearing on July 26.
The Enforcement Directorate had arrested Shah on July 12 on charges of money laundering and for allegedly not cooperating with investigations. The investigating agency told the special court earlier that they found evidence of money laundering against Shah under the Prevention of Money Laundering Act, 2002 (PMLA).
The ED, on Wednesday, submitted evidence of a money trail between FTIL and its three units: NSEL, National Bulk Handling Corp. (NBHC) and the Indian Bullion Market Association.
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