The Mumbai police's Economic Offences Wing (EOW) arrested Shah, chairman and group chief executive of Financial Technologies (India) Ltd, and former MCX CEO Shreekant Javalgekar last month.
During today's argument, the Special Public Prosecutor in the case submitted a number of emails sent by an NSEL official to one of the borrowers to establish that NSEL management was aware that there was inadequate stock in its warehouses, compared to the stock that was being traded at the exchange.