The arrest of film financier Bharat Shah in Mumbai on Monday had its fallout later in the evening at the offices of B4U Entertainment where he is a co-promoter. A Mumbai police team questioned company officials seeking details of the financial transactions between Shah and B4U.

B4U MD Ravi Gupta said that reports of raids on company offices were an exaggeration. According to him, an investigating team led by Arun Borade sought explanations as to what was Shah's role in the company and how the finances were organised.

Gupta said Shah's role was strictly as financier of B4U Multimedia International, the Indian arm of B4U which handled advertising and promotions.

Bharat Shah was arrested under the Maharashtra Organised Crime Control Act for his alleged links with Pakistan-based underworld don Chhota Shakeel.

Following these developments, the diamond market in Mumbai has announced a shutdown in protest on Wednesday. The film industry has also announced a shutdown on Tuesday.