Mumbai: A special court on Saturday granted bail to Jignesh Shah, the founder of Financial Technologies (India) Ltd.

Shah had been arrested by the Enforcement Directorate (ED) on charges of money laundering in the National Spot Exchange Ltd (NSEL) scam and for allegedly not cooperating with investigations on 12 July.

Bail was granted on the grounds that Shah’s custody was no longer needed for investigations.

Shah has been released on a surety of 2 lakh and his passport needs to be deposited in the court.

Shah was arrested by the Economic Offences Wing of Mumbai Police in May 2014 and granted bail by the Bombay high court three months later.

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

In the chargesheet, ED alleged a criminal conspiracy leading to the 5,574.35 crore scam at NSEL, which was 99.99% owned by FTIL. Shah was chairman of FTIL.

ED had also registered a criminal case against Shah under the Prevention of Money Laundering Act in 2013.

Last week, ED had filed a fresh complaint seeking additional custody of Shah.

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