Official sources said Gagan Suri, CEO of Yathuri Associates, was arrested by ED sleuths in Mumbai after they found that his role in the scam needs to be probed.
This is the first arrest made by the central probe agency in this scam which is also being investigated by the Economic Offences Wing (EOW) of the Mumbai police for alleged large-scale mismanagement of depositor funds.
Chandigarh-based Yathuri Associates has allegedly defaulted the bourse close to Rs 360 crore and is already under the scanner and enforcement action by the EOW.
Officials said Suri would be confronted with a number of documents seized by the agency in the last few months after it registered a case under the Prevention of Money Laundering Act (PMLA) last year.
The ED has already attached assets close to Rs 225 crore in this case.
The ED had registered a case under the Prevention of Money Laundering Act (PMLA) last year to probe laundering charges against the officials of the stock exchange and other individuals.
ED had earlier attached properties worth Rs 175 crore under the same laws against various borrower firms.
The NSEL, promoted by the Jignesh Shah-headed Financial Technologies India Ltd (FTIL) was engulfed in a crisis after trading on the platform was suspended on July 31 last year, raising concerns about possible default of Rs 5,600 crore.
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