CBI questions Jignesh Shah in connection with NSEL scam

New Delhi: CBI today resumed questioning of NSEL promoter Jignesh Shah in connection with a case registered against him for allegedly cheating and causing a loss of over Rs 120 crore to public sector undertaking PEC.

CBI sources said Shah was grilled at its Mumbai office in connection with the scam during which was asked number of questions about the arrangements entered with the PEC.

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The agency has named Shah, NSEL, former CEO of National Spot Exchange Limited (NSEL) Anjani Sinha, officials of PEC including Chief General Manager Rajiv Chaturvedi and a number of other companies as accused in the case of alleged cheating, forgery and corruption, highly placed sources said.

The sources said Shah was called in the afternoon and was questioned for nearly three hours about various aspects of the CBI case.

CBI spokesperson has said the case has been registered on the allegations that the accused persons, during the year from 2007 to 2013, were party to a criminal conspiracy to cheat PEC Ltd"…in the matter of floating accommodative and fraudulent paired contracts for trading of agro commodities on the
platform of Mumbai-based company without actually undertaking any genuine trade."

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After registering the case, a CBI team had yesterday carried out searches at 15 locations including the residential premises of Shah and Sinha and officials of PEC, NSEL and six counter-parties involved in the alleged crime.

Without giving out details of the FIR, Prasad admitted that the searched locations included residential premises of five PEC officials, two of NSEL officials and one of private persons, seven offices of NSEL and six offices of counterpart in PEC transactions.

PTI