EOW arrests Satya 2 producer in connection with NSEL scam

Nov 12, 2013, 08:58 IST | Vinay Dalvi

The Economic Offences Wing (EOW) of the Mumbai police arrested Arun Kumar Sharma yesterday, who is one of the producers of the Bollywood movie Satya 2, in connection with the National Spot Exchange Limited (NSEL) scam

Police said Sharma, who is the chairman and managing director of Lotus Refineries, defaulted on about Rs 159 crore that he borrowed from NSEL, and then spent the amount on real estate, films and furniture.

“He has splurged the money on real estate, designing his office and producing Satya 2, where he paid about Rs 20 crores. Hedid not intend to return the money,” said an EOW official.

Poster of 'Satya 2'. Pic: Santa/Banta

Last month, the NSEL had declared Sharma as a defaulter in the ongoing payment crisis at the NSEL. 

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