EOW registers criminal cases against Jignesh Shah and team

Jignesh Shah and his team were booked under IPC sections 409, 465, 467, 468, 471, 474, 467, 120(B) and 34. Soon after registering a FIR, Mumbai police planned a massive search operation across the country.

Listen to Story

Advertisement
Jignesh Shah
Jignesh Shah.

Jignesh Shah
Jignesh Shah.

Till yesterday, he was the most sought after mind in the commodity exchanges - known for his smart move. He is connected to 80 board members in 10 different organisations across 11 different industries. He is affiliated with various international companies and commodity exchanges.

IfBusinessweekmagazine is to be quoted, than till March 31, 2013 - his total annual compensation was Rs 18,02,82,491 (Rs 18 crore) that includes salary, stock options and others.

Jignesh Shah
(46) - is the chairman and managing director of Financial Technologies India Ltd (FTIL), Group Chief Executive Officer of Multi Commodity Exchange Stock Exchange (MCX-SX) - world's 8th largest commodity future exchange and promoter of National Spot Exchange Ltd (NSEL).

Now lets come to a hard reality. On September 30, 2013 - In Rs 5,500 crore NSEL payout scam, the Economic Offence Wing (EOW) of Mumbai police registers its first information report (FIR) against Jignesh Shah and his team - which includes Josephy Massey, other promoters, directors and defaulting brokers on charges of cheating, forgery and breach of trust among others.

Jignesh Shah and his team (that includes promoters, directors n defaulters) were booked under IPC sections 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 465 (forgery), 467 (forgery of valuable security, will, etc.), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record), 474 (having possession of document described in section 467, knowing it to be forged and intending to use it as genuine), 120(B)(criminal conspiracy) and 34 (acts done by several persons in furtherance of common intention).

Soon after registering a FIR,Mumbai policeplanned a massive search operation across the country.

Till now, it is the biggest raid conducted and coordinated by Mumbai police in 16 states and 184 locations on one single day. As many as 63 police squads, comprising of 121 officers and 241 policemen have promptly fanned out across 16 states to conduct searches at 184 locations that includes, offices, residences and warehouses of the accused.

The states where raids are being carried out include Mahrashtra, Punjab, Uttar Pradesh, Andhra Pradesh and Gujarat.

The NSEL, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore dues of 148 members/brokers, representing 13,000 investor-clients, after it suspended trade on July 31 on the government's direction.

A senior official says, "Jignesh and others had hatched a conspiracy and cheated 13,000 investors to the tune of crores of rupees by using the NSEL platform."

The raiding teams have confiscated all hard disks, CDs, other electronic evidences, accounts' books among others, besides sealing the warehouses.

After collecting all the details / datas / evidences from these locations, thorough examination and investigation would be done. "And if required to arrest any particular any promoter, director or defaulter - that would also be done," a senior police officer said.

advertisement