After NSEL scam, Jignesh Shah arrested by CBI in MCX-SX case
The central bureau of Investigation (CBI) in the afternoon, arrested Jignesh Shah promoter of NSEL and FTIL after conducting searches at 9 places in Mumbai, involving their residence and office premises along with four officials from Sebi and others in an on-going investigation of a case.
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ED asked HDFC Bank to freeze current account with 63 Moon TechnologiesAfter NSEL scam, troubles have further intensified for Jignesh Shah – founder of Financial Technologies India (FTIL), as he gets arrested today over a MCX – SX case.
The central bureau of Investigation (CBI) in the afternoon, arrested Jignesh Shah promoter of NSEL and FTIL after conducting searches at 9 places in Mumbai, involving their residence and office premises along with four officials from Sebi and others in an on-going investigation of a case.
This would be second major arrest of Shah, as this time the case pertains to the alleged irregularities in the grant of license to stock exchange MCX-SX. Shah is also the founder of MCX-SX.
Jignesh Shah was arrested in July over a Rs 5600 crore NSEL scam for defrauding its investors. Nearly 18,000 investors had allegedly lost millions by late July 2013 due to the financial irregularities. He was granted bail on August 06, 2016.
During the search, incriminating documents, including transfer of shares by private companies, FDR (fixed deposit receipts) and puchase of assets etc. The documents are scrutinized for further investigation.
The CBI has taken Shah for further questioning to their headquarter. Now the situation is this, that Shah is taken into custody and will be produce to court tomorrow.
Apart from Jignesh Shah, there were four officials of Securities and Exchange Board of India (Sebi) who were also arrested - two former Executive Directors of Sebi namely - JN Gupta and Muralidhar Rao. While two ex-Sebi officials were also involved namely – Vishakha More and Rajesh Dangeti.
This case was registered U/s 120 B of IPC read with Section 420 of IPC & Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988 against Jignesh Shah, four SEBI officials and others on the allegations of connivance of the SEBI officials with private company/stock exchange (MCX-SX) of Mumbai in fraudulently allowing renewal of recognition of said company/stock exchange to conduct trade in currency derivatives in 2009-2010.