Jignesh Shah arrested by ED in NSEL scam

Jignesh Shah

Mumbai: The Enforcement Directorate (ED) on Tuesday has arrested former Financial Technologies India Ltd (FTIL) chairman Jignesh Shah in the National Spot Exchange Ltd (NSEL) scam.

ED will produce Shah before a special Prevention of Money Laundering court on Wednesday.

The ED had filed its first chargesheet in the NSEL scam in April 2015.

In the chargesheet, the ED had allegedly uncovered a criminal conspiracy that led to the Rs.5,574.35 crore scam at NSEL, which was 99.99% owned by FTIL.

The ED had also registered a criminal case against the accused under the Prevention of Money Laundering Act, 2002 (PMLA) in 2013 to probe the case, along with the Economic Offences Wing (EOW) of Mumbai Police.

In addition, the ED had attached properties worth Rs.600 crore in the case. These include the properties of the defaulters such as NK Proteins, PD Agro Processors Ltd and Mohan India.

In June, the review group by the department of economic affairs (DEA) had asked ED to start auction of the attached properties.

Hearings on the case pertaining to the ED’s chargesheet have been stuck due to technical reasons. Last Thursday, a special court offered some respite to the 68 accused in the National Spot Exchange Ltd (NSEL) scam, including Jignesh Shah, from making a personal appearance before the court. Shah was granted an exemption on medical grounds.

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