 "Mumbai Police attaches Jignesh Shah's Juhu bungalow, other properties")
In another major blow toJignesh Shah, the Economic Offences Wing (EOW) of the Mumbai police probing the National Spot Exchange Ltd (NSEL) fiasco, has attachedthe former’s three-storey bungalow in Mumbai’s upmarket Juhu, along with other properties in Mumbai and Pune as well as1.19 lakh shares held by him inFinancial Technologiesworth Rs 1.78 crore at current market price.
Apart from the bungalow, Shah, owns a row house (estimated at Rs 78 lakh) at Arrey Colony in Goregaon and a plot in Pune (Rs 1.6 crore). His shares in FTIL worth Rs 1.78 crore, in Indian Energy Exchange (Rs 51 lakh), and fixed deposits worth Rs 11.57 crore and five demat accounts have been attached.
Besides Shah, properties of Joseph Massey, also a director at the now defunct bourse, and two others were attached by the economic offences wing (EOW) of Mumbai Police, which is investigating the Rs 5,600-crore payout scam at National Spot Exchange Ltd (NSEL) that came to light in July.
[caption id=“attachment_1131289” align=“alignleft” width=“380”]  India’s MCX Managing Director Shah speaks with NYSE Euronext President Kinney during a news conference in Mumbai. Reuters[/caption]
“Properties of directors Shah, Massey, NSEL non-Executive Chairman Shankarlal Guru and former MD of MCX Shreekant Javalgekar have been attached. With this, we have so far attached about 206 properties (of accused and defaulters) valued at Rs 2985.90 crore,” said Rajvardhan Singh, Additional Police Commissioner (EOW).
Massey’s two flats and MCX shares worth Rs.98 lakh owned by him were frozen, while Javalgekar’s four flats and MR Guru’s bungalow in Ahmedabad were also attached.
Impact Shorts
More ShortsInvestigators have found Rs 170.97 crore in 322 bank accounts which were frozen during the probe.
EOW has invoked the Maharashtra Protection of Interest of Depositors Act in the case, which empowers them to attach immovable assets of the accused.
An FIR was filed on September 30 by EOW against Shah, Massey, other promoters, directors and defaulters, charging them with cheating, forgery, breach of trust as well as criminal conspiracy, among others.
The spot commodity bourse, promoted by Shah-led Financial Technologies (FTIL), has been facing problems in settling the Rs. 5,600-crore dues of 148 member brokers, representing 13,000 investor clients, after it suspended trading on July 31 on government direction.
Some of the largest borrowers of NSEL include companies like Mohan India, N K Proteins, Laxmi Group, MSR Food Processing and Swastik Group.
Meanwhile, commodity regulator Forward Markets Commission (FMC) has completed examination of global consultancy Grant Thornton’s report related to the crisis.
Grant Thornton had done a forensic audit of the crisis-ridden spot commodity exchange.
Officials and consultants of Financial Technologies were cross-examined by FMC over the report.
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