The Malabar Hill police on Thursday arrested diamond trader and film financier Bharat Shah after a Silvassa court issued a non-bailable warrant against him in a cheating case registered nine years ago.
Shah was later produced before the Girgaum metropolitan magistrate’s court, which rejected his bail application.
His advocate Ishwari Prasad Bagadia said he had filed an application on which the court granted a stay on the order to take Shah to Silvassa and so his client will stay in police custody here.
Deputy Commissioner of Police Sanjay Mohite said: “We received a warrant in connection with a cheating and breach of trust case from Silvassa acting on which we arrested Shah and produced him before a magistrate’s court.” Shah will be handed over to Silvassa police, who will then conduct further investigation, he added.
In 2000, a case was registered against the firm Vishal Chairs, of which Shah was a director.
Bagadia claimed that Shah had resigned from the post long before the case was filed. However, the court rejected his bail and said he could approach the sessions court for bail.
The sessions court will hear the bail plea on Friday.