The Malabar Hill police arrested film financier Bharat Shah on Thursday, in connection with an old cheating case registered against him by a Silvassa court.

The case against Bharat Shah, who also happens to be a leading diamond merchant, had been lodged nine years back in 2000, against a Silvassa-based company Vishal Chairs of which Shah was a director.

The Malabar Hill police produced Shah in the Girgaum metropolitan court, which remanded Shah to police custody till Friday.

Before the Girgaum metropolitan magistrate, I A Bagaria, Bharat Shah’s lawyer, argued that Shah had resigned from his post when a cheating case was registered against the company in Silvassa.

However, the magistrate disapproved the bail plea and said Shah could approach the Sessions Court for bail.

The financier could not come out of jail as the case was set to be heard Friday.

In 2003, Bharat Shah was sentenced to one year in jail on charges of supporting extortion activities of the underworld. He had already 14 months in jail during the trial.