NINE months after the National Spot Exchange Ltd … scam surfaced, the law has finally caught up with Jignesh Shah, its former director and promoter. He was arrested … on Thursday…. … An FIR was filed by an investor against the directors and key functionaries of the NSEL last September alleging cheating, forgery and criminal breach of trust….

…[I]nvestors, innocent of the fraud committed by a cartel of brokers and operators, have collectively lost as much as Rs5,600 crore. Though the NSEL proposed a payout plan to return the money, it has neither been able to stick to the schedule nor has it repaid any substantial money to investors. It is in this context that the delay in investigation becomes important. The regulator, Forward Markets Commission … cannot escape responsibility because the fraud was perpetrated under its watch. … Having finally arrested

Mr Shah, the police should at least now get to the bottom of this scam…. … — (May 10)