Close X
Friday, November 29, 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

    Court asks BSES to pay NTPC by May 31, no power cuts till then

    Court asks BSES to pay NTPC by May 31, no power cuts till then
    The Supreme Court Tuesday asked BSES Yamuna and BSES Rajdhani, among the three private power distribution firms in the capital, to pay their current dues to NTPC by May 31 and said supplies from the state-run generator will continue till then.

    Court asks BSES to pay NTPC by May 31, no power cuts till then

    Modi gives caste spin to Priyanka barb, faces flak from Congress, Mayawati

    Modi gives caste spin to Priyanka barb, faces flak from Congress, Mayawati
    Priyanka Gandhi's "neech rajniti" (low-level politics) barb at Narendra Modi got a caste spin with the BJP prime ministerial candidate using it to play upon his 'lower caste' identity. The Congress accused Modi of deliberately misinterpreting facts while BSP leader Mayawati attacked him for his "despicable politics" for electoral benefit.

    Modi gives caste spin to Priyanka barb, faces flak from Congress, Mayawati

    Punjab announces cotton mechanisation programme

    Punjab announces cotton mechanisation programme
    The Punjab government Monday announced that a "Cotton Mechanisation Programme" would be introduced in the cotton-producing Malwa belt of south-west Punjab.

    Punjab announces cotton mechanisation programme

    Priyanka's comment about Smriti shows arrogance

    Priyanka's comment about Smriti shows arrogance
    BJP leader Arun Jaitley Monday said Priyanka Gandhi Vadra's comment about Smriti Irani in Amethi showed her "arrogance at its worst".

    Priyanka's comment about Smriti shows arrogance

    Case against Ramdev for hurting religious sentiments of Sikhs

    Case against Ramdev for hurting religious sentiments of Sikhs
    In his complaint, Harpreet Singh said Ramdev had hurt religious sentiments of Sikhs after he was shown in a photograph at a yoga camp at Talwandi Sabo in Bathinda district with a photograph of the 10th guru of the Sikhs, Guru Gobind Singh, placed near his feet.

    Case against Ramdev for hurting religious sentiments of Sikhs

    In-Depth Narendra Modi Interview: I Am No Know-All Leader

    In-Depth Narendra Modi Interview: I Am No Know-All Leader
    Saying he was no know-all leader, BJP prime ministerial candidate Narendra Modi has disclosed that he relied a lot on "professionals and domain experts" in governance and believed that the "single-minded focus" on attacking him was what "brought a lot of support from the people of India to me".

    In-Depth Narendra Modi Interview: I Am No Know-All Leader