New Delhi, Jan 19 (IANS): The Economic Offences Wing (EOW) of Delhi Police said on Monday that it has arrested former CEO of National Spot Exchange Ltd (NSEL) Anjani Sinha for fictitious trading on the exchange and for creating false stocks.

The EOW, which had registered a case in 2015 on a broker's complaint against Sinha and others, arrested the ex-CEO of NSEL in Mumbai on Sunday night after conducting raids at various hideouts.

In a statement, the EOW said the accused was produced in a Borivali court and has been granted transit remand. He is being brought to New Delhi for production in the jurisdictional Court, it added.

In 2013, NSEL had defaulted on payments worth of Rs 5,600 crore in which about 22 borrowers had received money which they did not return to the investors.

"The NSEL crisis was an engineered crisis. Though it was solvable, it was not solved with a view to throwing 63 Moons Technologies out of the exchange business. All the probe agencies like the ED, the CBI, the EOW-Mumbai, and SFIO have traced the entire money trail of Rs 5,600 crore to the 22 defaulting entities and their investigations established that not a single paisa has come to NSEL, 63 Moons or its founder," said a spokesperson of the NSEL.

"Even the Bombay High Court has observed that the entire money trail is with the 22 defaulting entities. Despite this, all targeted actions have been concentrated against NSEL, 63 Moons and its founder, who are actually the biggest sufferers and victims. Such victimisation and motivated action notwithstanding, they have been trying to earnestly resolve the crisis," the NSEL spokesperson added.

The crisis-hit NSEL has also urged market regulator Securities and Exchange Board of India (SEBI) to resolve the Rs 5,600 crore payment crisis in the larger interest of the investors.