ludhiana the enforcement directorate ed arrested a ludhianabased businessman on friday in a money laundering case linked to the rs 5600crore national spot exchange limited nsel scamthe accused kailash agarwal of ark imports had allegedly raised rs 71921 crores from investors through the nsel after stating that he had stored woollens of the same amount in his godown afterwards he allegedly defaulted on payments ed officials stated that agarwal is one of the 25 defaulters in the caseon saturday aggarwal was produced before an ed court which sent him to the custody of the agency till september 29according to sources in nsel aggarwal is among the key accused allegedly responsible for duping 13000 investors of rs 5600 crores in 2013 by raising money from them and never returning it backkailash who along with his son anubhav aggarwal had raised rs 71921 crore on the pretext of trading in commodities like wool paddy wheat mustard oil and had projected that they are in physical possession of these commodities at their various warehouses based in ludhiana samrala and nawanshahrbut the duo allegedly invested the money in real estate and siphoned off the majority of the amount overseas after the nsel scam came to the fore both father and son were booked by economic offences wing eow mumbai ed mumbai and central bureau of investigation cbi under various sections of fraud and money launderingthe sources also informed toi that kailash aggarwal was earlier arrested by eow mumbai and was currently out on bail eow is said to have already attached 82 properties a majority of which are in ludhiana and nawanshahr belonging to aggarwal which are valued at rs 102 croresaccording to a source in ed aggarwal has transferred a majority of rs 71921 crores abroad and if found guilty he can be imprisoned for 7 yearssources in nsel said that his son anubhav is absconding for a long time and he is currently living in dubai where he is said to have married a russian nationalthis is the third arrest by the ed in the nsel case earlier the agency had arrested financial technologies india ftil promoter jignesh shah after registering a case under the prevention of money laundering act pmla in the scam shah was later released on bail in the ed case however the cbi arrested him on tuesday in a separate corruption case involving officials at market regulator sebisuspecting illegal trading in nsel the government shut down all deals two years ago this led to a payment crisis with companies defaulting on investors payments officials stated that they are following the money trail between ftil nsel and other entities they suspect that many of the transactions in the scam could be only on paper and they are still examining the detailsin may 2014 the economic offences wing eow of the mumbai police too had arrested shah after registering a fraud case in the nsel scamduping investorsthe ed case relates to the nsel offering spot exchange trading in commodities where