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NSEL scam: 9,000-page chargesheet filed against Jignesh Shah

The fresh chargesheet is said to detail the exact role the Multi Commodity Exchange promoter played in the Rs 5,600-crore National Spot Exchange scam that rocked the country's financial markets last year.

IANS   Mumbai     Last Updated: August 5, 2014  | 11:19 IST
MCX promoter Jignesh Shah
MCX promoter Jignesh Shah

Tightening the screws on Multi Commodity Exchange (MCX) promoter Jignesh Shah, Mumbai police filed a 9,000-page supplementary chargesheet against him in the Rs 5,600-crore National Spot Exchange (NSEL) scam.

In January, police's Economic Offences Wing (EOW) had filed its initial chargesheet in this case against Shah and others.

The fresh chargesheet - a copy of which has also been submitted to the Bombay High Court where Shah's bail plea will be heard Tuesday - is said to detail the exact role Shah played in the mega-scam which rocked the country's financial markets last year.

Shah was arrested by the EOW May 7 following which he sought bail from the sessions court. After the sessions court dismissed his bail plea June 24, he moved the Bombay High Court.

The EOW had lodged the voluminous chargesheet - which incorporates the statements of 250 witnesses and other relevant documents - in the Special Maharashtra Protection of Interest of Depositors Court.

The EOW and other agencies swooped on Shah and others last year after NSEL faced a major payment crisis in which around 18,000 of its investors reportedly suffered losses worth millions of rupees.

Shah contended that he was only a non-executive director of NSEL, which was part of his Financial Technologies Group, and hence, not involved in the routine operations of the NSEL.

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