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Final decision on Jignesh Shah’s bail plea on 6 August

1 min read . Updated: 04 Aug 2016, 07:58 PM IST Jayshree P. Upadhyay

The Enforcement Directorate (ED) had arrested Shah on 12 July on the charges of money laundering and not cooperating with investigations. Photo: Mint

ED files a fresh complaint against Jignesh Shah and 12 other defaulters in the NSEL scam, opposing bail

Mumbai: A special court on Thursday reserved judgment on Jignesh Shah’s bail application, and will pass the final order on 6 August.

The Enforcement Directorate (ED) had arrested Shah on 12 July on the charges of money laundering and not cooperating with investigations.

ED, in its submission, filed a fresh complaint against Shah and 12 other defaulters in the National Spot Exchange Ltd (NSEL) scam, opposing bail.

ED had registered a criminal case against Shah under Prevention of Money Laundering Act (PMLA) in 2013 and filed its first chargesheet in the matter in April 2015.

In the chargesheet, ED alleged a criminal conspiracy leading to the 5,574.35 crore scam at NSEL, 99.99% owned by Financial Technologies India Ltd (FTIL), now renamed to 63 Moons Technologies Ltd. Shah was the chairman of FTIL.

As per ED’s submission before the court, the first complaint was pertaining to Shah as an NSEL board member. The fresh complaint is with respect to Shah’s chairmanship of FTIL and that the company was allegedly aware of mismanagement at NSEL.

In case the special court does not grant bail, Shah can appeal to Bombay high court.

ABOUT THE AUTHOR

Jayshree P Upadhyay

Jayshree heads a team of reporters focussing on legal, regulatory, investigative stories. She has worked for over a decade, reporting on financial scams, legal stories and the intersection of corporate and regulatory issues. She is based in Mumbai and has previously worked with Business Standard, Mint, The Morning Context and Bloomberg TV India.