Three years have gone by since the NSEL crisis unsettled the financial markets; but the man once heralded as the undisputed ‘Baadshah of Exchanges’, continues fire walking as his Agnipariksha doesn’t seem to end.
It was in May 2014 that Jignesh Shah was first taken into custody. The evening of May 7 was going to be a turning point in his life. After months of interrogation, he was summoned once again by the Economic Offences Wing (EOW), Mumbai. But there was something unusual this time; he would have to appear before them twice in the same day. As his car whisked towards the EOW office in the evening, little did he know about the nightmare waiting to engulf him. Shah was staring into an abyss of darkness when he was put behind bars by the EOW on charges of "non-cooperation”. His reputation was tarnished; he was branded a villain and accused by the EOW officers of “deliberately avoiding interrogation”. The reality was exactly the opposite. Shah had visited the offices of EOW of Mumbai Police 21 times, though he was called 7 times. He even opened up a mini NSEL office with computers at the premises of the EOW to help track the missing cash. Worse, despite keeping him in custody for 108 days for interrogation, the officers of EOW did not even interrogate him for a single day, the Mumbai High Court was told in a petition. Shah was arrested yet again in August 2016, this time by the Enforcement Directorate, Mumbai on a similar charge of ‘non-cooperation’. He was subsequently granted bail by a PMLA Court citing that his arrest was illegal. Shah’s third arrest in September 2016, was for a different charge altogether. On this occasion, it was the CBI trying to tighten its rope on him. The main allegation in the CBI FIR was regarding the alleged suppression of the buy-back arrangements made by MCX-SX from SEBI while granting renewal of license in 2010. However, Shah’s legal counsel, Arvind Lakhawat said that this was factually incorrect. “That’s because SEBI was fully aware about these buy-back arrangements even prior to the grant of this renewal on August 3, 2010. What is more, the legality and validity of these buy-back arrangements was upheld by the Bombay High Court in March 2012 itself. This fact was deliberately overlooked by the CBI.” Mr Lakhawat further stated that the CBI had registered a case in this regard two years ago. “As it is the matter was six years old. Then how come the CBI took Mr Shah into custody all of a sudden on September 20? He is the only person they have held in this case. None of the accused, including the accused public servants, has been arrested. This shows the high-handed state action targeting only one individual.” Shah is now out on bail but continues to be attacked by vested interests on social media, who are hell-bent on pinning him down. He has already been forced to exit from his exchange ventures which have revolutionized the Indian Financial Markets. His empire FTIL, that he so painstakingly built, is being merged with its subsidiary, NSEL, by the Ministry of Corporate Affairs. Whereas, the real culprits in the NSEL case, the defaulters continue to roam free. The Government and its investigative agencies are yet to initiate a single action against them! All their actions seem to be concerted only against FTIL, NSEL & Jignesh Shah. Despite being singularly targeted and attacked from various quarters, Jignesh Shah continues to wage a lone battle. He is fighting valiantly and believes that truth and justice shall ultimately prevail. He is hopeful that his Agnipariksha will one day end and he will come out unscathed…….Time will tell! For more information check 63 Moons Reviews.
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