A city court Friday rejected the anticipatory bail application of former non-executive director of NSEL Joseph Massey in the alleged Rs 5,600-crore scam at the now-defunct commodities spot exchange.
Massey's pre-arrest bail plea was rejected by Additional Sessions Judge D E Kothalikar.
A detailed order is expected later.
The court passed the order after hearing arguments of the Mumbai Police's Economic Offences Wing (EOW), which is probing the 2013 case.
The EOW told the court it recently received forensic audit report related to the National Spot Exchange Ltd (NSEL) and it was necessary to interrogate Massey about its content.
Among other things, the EOW wanted to question him regarding "financial irregularities", "falsification of account" and "fictitious trade" done by the NSEL during the period of offence, the agency had told the court.
The NSEL scam refers to the payment crisis driven by the physical absence of the commodities against the invested money.
As many as 13,000 investors have claimed losses after the trading platform faced a payment crisis, forcing the government to order its shuttering.
The crisis broke out on July 31, 2013 when the exchange failed to honour its commitments to the investors.
In 2014, the police had filed a charge-sheet against six individuals and subsequently against NSEL founder Jignesh Shah, who was arrested on May 7, 2014.
Shah is currently out on bail.
Last week, the EOW had arrested Shashidhar Kotian, a former chief financial officer of the NSEL, in connection with the scam.
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