They induced HNIs to trade on spot market commodity exchange with promise of high returns.
Shah is likely to be released later on Friday evening or Saturday after completing the formalities.
The NSEL chief said the exchange is also seeking the help of the Delhi government.
Few top honchos of India Inc did very well in 2014.
A major payment crisis involving Rs 5,600 crore (Rs 56 billion) broke out at National Spot Exchange last year.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
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