The owner of major Indian cash buyer Somap has been arrested in New Delhi over allegations of money laundering, according to Indian media reports.

The Times of India reported that officers of the Economic Offences Wing (EOW) of Uttar Pradesh state police arrested Dinesh Pandey on 20 November at the Delhi airport where he had arrived from Dubai.

Pandey did not immediately respond to TradeWinds' messages left on his mobile phone.

Robert Reid, Somap's London-based vice president, told TradeWinds that he had no more information than what is available in press reports.