Jignesh Shah arrested in NSEL scam

(i) Jignesh Shah, former director of the scam-ridden National Spot Exchange Limited (NSEL), was arrested by the Mumbai police in connection with the nearly Rs.5,600-crore payment crisis. (ii) The Economic Offences Wing (EOW) of the Mumbai police also arrested the Chief Financial Officer of Financial Technologies India Ltd. (FTIL), Srikant Javlekar. (iii) On September 30, an investor had filed an FIR against the directors and key functionaries of NSEL for cheating, forgery, criminal breach of trust and conspiracy (iv) According to the police, Mr. Shah masterminded the entire scam and engaged in a criminal conspiracy with the co-accused to turn NSEL into a non-banking institution. So far, 11 persons have been arrested in the case. (v) In January, a charge-sheet had been filed against the NSEL CEO, Anjani Sinha, two vice-presidents — Amit Mukherjee and Jay Bahukhundi — and two borrowers of the beleaguered exchange — Nilesh Patel, managing director of NK Proteins and Arun Sharma, film financier and chairman of Lotus Refineries. Read more: http://www.bankersadda.com/2014/05/daily-gk-update-8th-may.html#ixzz31Bu0sPJd