Mumbai: Jignesh Shah, the promoter of Financial Technologies (India) Ltd who was arrested in connection with alleged fraud of Rs. 5,541 crore at National Spot Exchange Ltd (NSEL) had been granted bail by Bombay High Court on Friday.
The court said that the investigation has not revealed any link between him and the ill-gotten money.
Justice Abhay Thipsay said, “Though projected a scam of Rs. 5,600 crore, the ill-gotten money has not gone to the applicant (Shah) or for that matter to NSEL.”
He also concluded that the money had apparently pocketed by bogus sellers (generally being termed as borrowers) and allowed Shah to be released on furnishing cash security of `5 lakh and granted him two weeks to furnish one or two sureties of the same amount.
The bail is subject to condition that Shah shall remain present before the investigating officer of the Economic Offences Wing of Mumbai police twice a week.
Bureau Report
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