Managing Director of NK Proteins Ltd, one of the biggest defaulters of the beleaguered National Spot Exchange Ltd (NSEL) was arrested today in Mumbai. Speaking to media persons in Mumbai today Additional Police Commissioner of Economic Offences Wing (EOW) Rajvardhan Sinha said that NK Proteins was the first company that had borrowed Rs 350 crore from the NSEL.He stated that the company owes the spot exchange about Rs 850 crore to Rs 900 crore that includes the principal amount of Rs 350 crore, interest as well as other payable amount.Sinha informed that Patel knew that its company would not be in a position to pay back money but still he borrowed Rs 350 crore from the spot exchange. Sinha further informed that Patel used the amount to expand his business of edible oil and entered in to a joint venture with Adani Group. He said the books of accounts of the joint venture have also come under scanner and investigators will soon examine the books.The EOW officials earlier arrested three accused in connection with NSEL Rs 5,600 crore scam the case. Anjani Sinha, former head of the NSEL, was held on October 17, Amit Mukherjee, an ex-assistant vice-president of NSEL was nabbed on October 9 and the next day Jay Bahukhundi, another ex-assistant vice-president and in-charge of KYC department, was apprehended.