Friday, May 9, 2014

Police custody for 2 in NSEL fraud case

Jignesh Shah (extreme left), chairman of Financial Technologies India Ltd (FTIL), being taken to court in a cheating case on Thursday

FTIL And MCX Chiefs ‘Misled’ Investigators


Mateen Hafeez TNN

Mumbai: A special court on Thursday remanded Jignesh Shah, chairman of Financial Technologies India Ltd (FTIL) and MCX CEO Sreekanth Javalgekar, to policecustody tillMay15for their alleged roles in the Rs 5,600 crore cheating case.
    The city economic offences wing (EOW), probing the case involving the National SpotExchangeLimited (NSEL), had on Wednesday arrested Shah and Javalgekar. Both were produced before a Maharashtra Protection of Interest of Depositors Act (MPID) court, where hundreds of investors had gathered, and were seen talking about the money they lost,on Wednesday afternoon.
    Arwind Wadhankar, senior inspector of police (EOW), said investigations were at a crucial stage. “We have got the custody of both accused. We will interrogate them thoroughly about their roles now,” said Wadhankar. The defence counsel in court objected to the application of an Indian Penal Code section for forgery of valuable security and statedthatother sectionsinvokedin thecasewerebailable, and the arrest was illegal. Since the case was at a remand stage and not trial one, the judge remanded the two in police custody.
    Special public prosecutor Avinash Avhad said, “The accused attended police summons and joined in investigations, but they misled investigators. Since the police were now looking into the Indian Bullion Market Association angle, which surfaced recently, their custodial interrogation is required.”
    Shah and Javalgekar were kept at the city crime branch’slock-up near Crawford Market. They shared a small room which had a light and no fan, and did not get home-made food. They had to use the common toilet, and water was provided through a civic tap. So far, 11 persons have been arrested and the police have secured assets/properties worth Rs 5,100 crore.

The Times of India, May 9, 2014

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