Mumbai, Jul 13 (IANS): The Enforcement Directorate (ED) arrested Financial Technologies India (FTIL) founder Jignesh Shah under the Prevention of Money Laundering Act (PMLA), an official said here late on Tuesday.

Shah was arrested late on Tuesday as he refused to cooperate in the investigations after he was grilled all day.

He will be produced before the Special PMLA Court on Wednesday, ED sources said.

The ED claims to have clinching evidences of money laundering against Shah and will seek his custody, the sources said.

The ED had lodged criminal cases against the National Spot Exchange Ltd and 67 others in 2013 under the PMLA for alleged money-laundering of over Rs 3,700 crore.

In its chargesheet filed early last year, the ED had detailed the criminal conspiracy by the officials of NSEL which led to the cheating of around 13,000 depositors.

Commenting on the developments, BJP MP Kirit Somaiya said he would ensure the case is taken to its logical end.

Shah was earlier arrested in August 2014 by the Mumbai Police Economic Offences Wing and later released on bail.