Dir.of ARK Imports involved in NSEL arrested

Ludhiana based businessman got arrested in NSEL case by Enforcement Directorate. The court gave permission to ED, five days of Aggrawal's custody to enable the agency to interrogate him and investigate the case.  The accused is brought him to Mumbai from Delhi for interrogation. He was earlier arrested in Mumbai in August 2014.The ED had arrested Krishna Aggrawal on Friday and produced him before a holiday judge at the sessions court on Saturday in Mumbai.

Holiday judge remanded Mr.Aggarwal for the custody of the agency till September 29 just a day after the ED arrested director of Ludhiana-based ARK Imports. The ED case is that the director Kailash Aggrawal has an outstanding payment default of Rs 719 crore. 

According to Vikram Chaudhary, senior counsel from Punjab, his arrest was illegal with reference to an order of Punjab & Haryana high court not to arrest him. H S Venegaonkar, counsel for ED said that this said protective order was valid only till August 12 of this year It was not continued by the HC. "Hence his arrest was absolutely legal,'' he submitted in court as he sought his custody for the probe. Venegaonkar said the ARK Industries director was one of the leading defaulters and had allegedly laundered almost Rs 719 crore from the NSEL platform and was "not divulging information''.