Update: Shopclues CEO Out on $500K Bond, Company Backs Him

We recently reported that the CEO of Shopclues.com, Sandeep Aggarwal had been arrested in the USA for insider trading charges.

The latest on the story is that he has been released on a $500,000 (or ~Rs. 3 crore), but is not allowed to leave the country. Aggarwal will appear in federal court in New York today for a hearing on the case.

Meanwhile, the company has voiced their support to Aggarwal in this difficult time. In conversation with Amercian site, TechCrunch, the company said "Sandeep Aggarwal is fully cooperating with the investigating agencies and has complete faith in the US judicial system,”. Shopclues as a company is not directly involved in this legal battle as the events occurred prior to the formation of the company.

Many sellers from the IndianOnlineSeller.com community have expressed their support towards the company. In a short span of 2 years, the company has helped more than 10,000 sellers sell their products online. It has 18 lakh products listed on the site and has generated 35 lakh orders in the last year.

Do you support Shopclues in this difficult time? Please share your views....