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
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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