Mumbai, The
Financial Technologies and Multi-Multi Commodities Exchange (MCX) promoter
Jignesh Shah was arrested today by the EoW of Mumbai Police for his alleged
involvement in the Rs 5,600-crore National Spot Exchange Limited (NSEL) scam.“We
have arrested Jignesh Shah for his involvement in the NSEL scam,” EoW sources
told here.
Shah came under scanner last
year, when his group company NSEL faced a payment crisis and nearly 18,000
investors allegedly lost millions in late July.
Shah had
been the chairman and managing director of Financial Technologies since January
2001 and now serves as group chief executive. He served as the chief business
strategist at Financial Technologies.With Shah’s arrest, the total number of
arrests in the scam has gone up to seven.The first arrest was the spot exchange
CEO Anjani Sinha last October. Sinha is currently in jail.
Since the NSEL crisis came to
fore, the FTIL group, Shah and his close aide Joseph Massey came under
increased regulatory scrutiny and was ordered by both the Sebi and FMC as not
fit and proper to run any exchanges in the country.Shah was a group chief
executive of MCX Stock Exchange, promoted by the group. Significantly, his 26
per cent holding has to be brought down to nil over the next three years and to
2 per cent over the next 90 days, according to the regulators.
Besides being the founder
chairman and group chief executive of Financial Technologies Group, Shah is
also the founder of MCX, the world’s eighth largest commodity futures exchange,
in over 12 years.Shah is a first-generation entrepreneur and the
founder/promoter of the FTIL Group, founded in 1999.He was actively involved
with the automation of the trading systems at Bombay Stock Exchange (BSE) and
was also responsible for designing and implementing various modules of the
back-office systems of BSE, particularly for market operations and
surveillance.
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