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Police may freeze Bharat Shah's bank accounts

The Economic Offences Wing of the Bombay police plans to freeze the bank accounts of diamond trader and film financier Bharat Shah, who was arrested on Monday for his alleged links with the underworld.

"The EOW will freeze Bharat Shah's accounts soon. The nitty-gritty of the paperwork will be completed by Wednesday evening. The magistrate's go-ahead is just a formality," D G Awate, Additional Commissioner of Police (crime), with joint charge of economic offences, told NetScribes.

On Tuesday, police raided Shah's offices at Grant Road and Charni Road, his Napean Sea Road residence and offices of the B4U channel in which he has a major stake.

"We now have enough evidence to seek freezing of his bank accounts," Awate said.

Meanwhile, the Indian Motion Picture Producers' Association has convened a meeting on Thursday to discuss the repercussions of Shah's arrest on the film industry.

"His arrest has shaken not just the distributors, but everybody, right down to the junior artiste suppliers," said Tarun Adarsh, trade analyst and editor of Trade Guide.

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