The Central Bureau of Investigation (CBI) might stop probing alleged irregularities at National Spot Exchange Ltd (NSEL) because it would lead to multiplicity of investigations by various agencies, sources with direct knowledge of the matter revealed.

NSEL has been under scrutiny by various investigating agencies, including Mumbai Police's economic offences wing (EOW) and the CBI, over its failure to pay investors a whopping amount of Rs 5,600 crore.

According to the sources, the CBI believes that its probe could lead to multiplicity of investigations and that Mumbai Police's EWO is competent enough to probe the case.

CBI had launched its probe in the alleged irregularities after it received several complaints from the investors who lost huge amounts of money with the NSEL.

Mumbai Police on Thursday arrested NSEL's former assistant vice president Jay Bahukhundi for his alleged role in the massive scam. It was the second key arrest in the case. A day earlier, on Wednesday, the police arrested Amit Mukherjee, vice president of business development department at the crisis-hit spot exchange.