The Mumbai police's Economic Offences Wing (EOW) had on Monday filed the 9300-page chargesheet with details of how Shah made the alleged plans behind the crime. He has been charged with criminal misappropriation, forgery, criminal conspiracy, inducement for cheating and even under the MPID Act.
The judge who had reserved the matter for order recently after hearing Shah's plea for bail had said he would wait till he saw the chargesheet. Now that the chargesheet has been filed, investors are keenly awaiting the order in the bail plea.
Shah, chairperson of Financial Technologies India Ltd was arrested on May 7 in connection with Rs 5600 crore scam at FTIL subsidiary National Spot Exchange Ltd (NSEL). Shah's counsel Mahesh Jethmalani said there is not even a prima facie case against his client who as a non executive director of NSEL had no role in the alleged scam and it was the amount that was prejudicial aspect in the case against him. He challenged the rejection of his bail plea last month by a sessions court. The lower court said he might tamper with evidence if granted bail.
FTIL owns a 99.99% stake in NSEL. The 47-year-old Shah and his family own 45.5% stake in Financial Technologies which in turn now is learnt to own a five percent stake in MCX.
NSEL is a national level, institutionalized, electronic, transparent spot market. Jethmalani said the offence alleged that investors' money was misappropriated. It's the amount -Rs 5600 crore—that is the real prejudicial aspect in the case against Shah who the sessions court wrongly held may be involved prima facie. Shah is in custody now for almost 70 days and is entitled to bail since the 60-day period for filing a chargesheet is over, said Jethmalani.
Lawyers for the investors said Shah is the real culprit as FTIL benefitted directly from the paired contracts investors were made to enter in and in which they lost all their money as commodities they invested in never existed.
Jethmalani said all other accused are already out on bail including the main accused managing director of NSEL Anjani Sinha. The only material which the police have is the inadmissible 'revised statement' given by Sinha to implicate Shah, he said. He added that the allegations against Shah were ''unsustainabale''.
http://timesofindia.indiatimes.com/followceleb.cms?alias=NSEL scam,National Spot Exchange Ltd,MCX,Jignesh Shah,Economic Offences Wing