Close X
Monday, November 11, 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

    India Votes: BJP promises Brand India, and Modi good governance

    India Votes: BJP promises Brand India, and Modi good governance
    Prime ministerial candidate Narendra Modi Monday promised to provide "good governance" if the BJP wins the Lok Sabha election even as his party pledged to build "Brand India".

    India Votes: BJP promises Brand India, and Modi good governance

    Phase 1: Assam records 12 percent polling in first Two hours

    Phase 1: Assam records 12 percent polling in first Two hours
    People queued up at polling booths in Assam's five constituencies as balloting began in the first phase of the Lok Sabha election Monday. The state recorded 12 percent voting in the first two hours, officials said here.

    Phase 1: Assam records 12 percent polling in first Two hours

    Rahul attacks BJP for divisive politics, on delayed manifesto

    Rahul attacks BJP for divisive politics, on delayed manifesto
    Congress vice president Rahul Gandhi Sunday launched a multi-pronged attack on the BJP and its prime ministerial candidate Narendra Modi, accusing the party of practising "divisive politics" and said the party was only blowing balloons into the air that will soon burst.

    Rahul attacks BJP for divisive politics, on delayed manifesto

    INDIA: Voting starts Monday; BJP coalition strong, Rahul Gandhi faces poll disaster

    INDIA: Voting starts Monday; BJP coalition strong, Rahul Gandhi faces poll disaster
    India's general election, to elect 543 members to the 16th Lok Sabha, or the House of People in the bicameral parliament, kicks off Monday, with balloting starting from two states in the northeast, Assam and Tripura.

    INDIA: Voting starts Monday; BJP coalition strong, Rahul Gandhi faces poll disaster

    Election Special: Aam Aadmi Party battles major financial crunch

    Election Special: Aam Aadmi Party battles major financial crunch
    The Aam Aadmi Party (AAP), the country's youngest political formation, is battling a severe financial crunch even as it contests its first parliamentary election.

    Election Special: Aam Aadmi Party battles major financial crunch

    Election Special: Is BJP manifesto a victim of party's inner division?

    Election Special: Is BJP manifesto a victim of party's inner division?
    Why has the Bharatiya Janata Party (BJP) not been able to release the party manifesto as yet, even though the first phase of balloting begins Monday? For Narendra Modi, this lapse is a major embarrassment.

    Election Special: Is BJP manifesto a victim of party's inner division?