Rejecting the application of Mumbai police’s EOW, seeking further custody of Lotus Refineries’ CMD, Arun Sharma, in connection with the ongoing payment crisis at the crippled National Spot Exchange (NSEL), a sessions court on Saturday remanded him in judicial custody till November 25.

Arun Sharma, who is also a film financier, was arrested by the Economic Offences Wing (EOW) on November 11, becoming the fifth person to land behind bars in the payment crisis at National Spot Exchange Ltd (NSEL). Sharma is also one of the financiers of the Bollywood movie ‘Satya 2’

The EOW has already arrested four accused — former CEO of NSEL Anjani Sinha, NSEL’s former assistant vice president of warehousing Jai Bahukhandi, vice-president at NSEL’s business development department Amit Mukherjee and MD of NK Proteins (a defaulting firm) Nilesh Patel in connection with the case.

The EOW had earlier told the court that they need to unearth a 'larger conspiracy' and interrogate Sharma along with other accused.

It has further told the court that they need to recover Rs. 200 crore from Mr. Sharma.

NSEL has been facing problems in settling Rs. 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients after it suspended trade on July 31 on government directions.