Shah has more than Rs 100 crore invested in various projects of the tinsel town.

Subhash Ghai, Rakesh Roshan, Mahesh Bhat among a host of other film-makers were in a state of shock following the reports that Shah, known as Bharatbhai, had admitted to the crime branch, to negotiations with Chhota Shakeel over mobile telephone.

Shah has financed more than 75 films in the last two decades, including blockbusters ‘Baazigar’, ‘Mast’, ‘Karan Arjun’, ‘Judaai’, ‘Dil Hai Ki Manta Nahin’, ‘China Gate’, ‘Jungle’, ‘Dil Se’, ‘Hey Ram’ and the recent ‘Raju Chacha’ and also the Smita Thackeray production ‘Haseena Maan Jayegi’.

His varied business interests include partnerships in the newly launched television channel B4U, popular disco Fire and Ice, Shah Rukh Khan’s entertainment portal srkworld.Com. He is also on the board of directors of Subhash Ghai’s Mukta Arts.

Allegations that Shah had a telephonic talk with Shakeel, which revolved around extorting around Rs 7.5 million from a businessman named Morani and hawala transaction to the tune of around $ 50,000 from one Bhatija, based in Dubai, was the subject of much discussion as cell phones kept on ringing in the premier bourse.

Shah hails from Palanpur in Gujarat, and has units in Mumbai, Surat and Palanpur. His company B. Vijaykumar & Company in which his brother Vijay is a partner also operates in Thailand, Belgium and Israel. The company in 1981 received Israel’s award for generating the country’s maximum exports. The King of Belgium made in 1994 Bharat Shah a Knight of the Order. Shah flew to Antwerp in a chartered plane to receive the award.

The Shahs diamond polishing unit in Bangkok is the biggest and most modern in the world with 1200 employees, spread over 40,000 sq ft with an annual output of polished diamonds worth $ 100 million. Shah’s unit at Mumbai SEEPZ has a turnover of Rs 700 crore.

The gigantic, expensive sets of Sanjay Leela Bhansali’s “Devdas” film financed by Shah at filmcity Goregaon have attracted Amitabh Bachchan and other visitors.

Shah has also bailed out several film makers in distress. He also brought ‘Hum Panchi Ek Dal Ke’ to help producer Rahul Gupta. Shah also helped Vinod Mehra’s widow Kiran by taking over the rights of his incomplete film “Gurudev”.

Pahlaj Nihalani said that many of the film makers find it hard to believe that Shah could have links with the underworld. Subhash Ghai expressed shock over the police allegation that Shah had a telephonic talk with Chhota Shakeel.