Close X
Saturday, November 30, 2024
ADVT 
India

Jignesh Shah, another arrested in NSEL scam

Darpan News Desk IANS, 07 May, 2014 10:18 AM
    Financial Technolgies (India) Ltd chairman Jignesh Shah was Wednesday arrested in connection with the Rs.5,574.34 crore NSEL payments crisis of last year, a police official said.
     
    This is the 10th and key arrest in the case involving the National Spot Exchange Ltd , which is owned more than 99 percent by Shah's FTIL, Additional Police Commissioner (Economic Offences Wing) Rajvardhan Sinha told media persons here.
     
    Besides Shah, former CEO of Multi-Commodity Exchange of India (MCX) S. Javalgekar has also been arrested.
     
    The duo will be produced before a court Thursday, Sinha said.
     
    "They have not been co-operating with the police during the interrogation and their replies were evasive. Hence we decided that they needed to be placed under custody to revel crucial information and revelation of the truth," he said.
     
    According to Sinha, investigations revealed that Shah, who a NSEL director and member of the audit committee of the exchange had also approved all the entries of borrowers at the NSEL and his denial of knowledge of the fraud was not correct.
     
    Though the NSEL is a commodities exchange, there are no warehouses in existence where the physical goods could be stored and the bogus warehouse receipts were allegedly issued and trading carried out only on paper, revealed the investigations, taken up after an investor complained of being duped.

    MORE India ARTICLES

    Now Rahul attacks Modi over marital status, Congress files complaint

    Now Rahul attacks Modi over marital status, Congress files complaint
    The Congress Friday upped the ante in this bitterly fought election, when it complained to the Election Commission against Narendra Modi for filing wrong affidavits, the move coming hours after its leader Rahul Gandhi launched a rare personal attack on the BJP prime ministerial candidate for hiding his marital status.

    Now Rahul attacks Modi over marital status, Congress files complaint

    Registered NRI voters overseas will have to wait for future elections

    Registered NRI voters overseas will have to wait for future elections
    NRIs who are registered voters in India will not be able to vote from their foreign locations as Supreme Court Friday accepted that the Election Commission faced statutory and logistic impediments in extending overseas voting facilities to them.

    Registered NRI voters overseas will have to wait for future elections

    Ouch! Rahul Gandhi targets Modi's personal life

    Ouch! Rahul Gandhi targets Modi's personal life
    Addressing an election rally in Doda town of Udhampur Lok Sabha constituency, Gandhi said: "Narendra Modi has fought many elections in the past, but not once did he disclose the name of his wife nor even admit he is married.

    Ouch! Rahul Gandhi targets Modi's personal life

    Why Acknowledgement of wife may not damage Narendra Modi

    Why Acknowledgement of wife may not damage Narendra Modi
    Renunciation of family life is a tradition in India's public life, going back to Mohandas K. Gandhi, who was married but took a vow of celibacy. Gandhi spoke of his wish to be 'God's eunuch,' and a 'eunuch for the nation

    Why Acknowledgement of wife may not damage Narendra Modi

    Indian Voters flaunt 'Inked Finger' on Social Networking Sites

    Indian Voters flaunt 'Inked Finger' on Social Networking Sites
    Expressing pride and exuberance after casting their ballot, voters - young and not so young - have taken to the social media across India, flaunting their inked finger as proof of exercise of their democratic right and are urging others to vote.

    Indian Voters flaunt 'Inked Finger' on Social Networking Sites

    How Delhi voted in Lok Sabha polls

    How Delhi voted in Lok Sabha polls
    Delhi Thursday recorded over 64.77 percent voter turnout - the highest in three decades - in the 2014 Lok Sabha election.

    How Delhi voted in Lok Sabha polls