NSEL case: 2nd chargesheet filed against Jignesh Shah

The Economic Offences Wing (EOW) of the Mumbai Police on Monday filed a supplementary chargesheet in connection with the alleged Rs 5,6000000000 National Spot Exchange Limited (NSEL) scam. EOW officials said that the 9,360 page-long chargesheet was submitted in the designated Maharashtra Protection of Interests of Depositors (MPID) court on Monday morning. NSEL promoter Jignesh Shah, who has been jailed since May this year, has been charged with multiple counts of criminal conspiracy, cheating and forgery in the chargesheet, the police said. “We have recommended 270 people as prosecution witnesses. These witnesses include brokers, borrowers and many other people,” said EOW Additional Commissioner of Police, Rajvardhan Sinha. Along with Shah, Shreekant Javalgekar, earlier a director on the NSEL board and former NSEL CEO Anjani Sinha, have also been arrested by the EOW. “We filed the chargesheet on Monday since Shah’s period of custody was to expire. We are going to complete the formalities against the other two arrested accused very shortly. We will continue filing supplementary charge-sheets until a closure report is filed,” Rajvardhan Sinha added. Shah has been charged with criminal breach of trust, forgery, forgery for the purpose of cheating, counterfeiting, using forged documents as genuine and falsification of accounts under the Indian Penal Code and under sections 3 and 4 of the MPID Act. Rajvardhan Sinha added that the EOW had thus far recovered over Rs 5,2000000000 from the accused. “We have recovered a total of Rs 4,9020000000 in movable and immovable property. Also, Rs 356.880000000 has been deposited in various escrow accounts by the depositors. Records and documents of 50% of the assets have been submitted to the competent authorities, which in this case, are the district collectors,” he said. Sebi may give Financial Technologies grace period to exit MCX-SX Mumbai The Securities and Exchange Board of India (Sebi) is likely to extend the time by which Financial Technologies India can exit its holdings in the MCX Stock Exchange (MCX-SX), as the August 6 deadline approaches. Senior Sebi officials said that FTIL would be given a grace period. In a written response, FTIL said it had appointed a merchant banker for the sale; so far, FTIL has managed to make Rs 1,9900000000 from the sale of various ventures but investor response for the loss-making MCX-SX, the country’s third stock exchange, is understood to be tepid. FE