NSEL - A ‘Scam’ or a ‘Conspiracy’ against Jignesh Shah

by Ravi Sharma Writter

Jignesh Shah is a renowned business tycoon who led Financial Technologies India Limited (FTIL) as one of the fastest growing financial infrastructure group with exchanges spreading across the globe. Remarkably, in less than a decade, he tailored the Indian exchange as one of the top global exchanges. The strategies driving FTIL have become a matter of case studies for the authorities of India. The company has played a major role in benefiting the financial system of the country and probably the only Indian entity that has exchanges covering all the asset classes including equity, debt, currency, and commodities.

Unfortunately, all of it went to vain when opportunists in power chose to trigger a conspiracy against him. It all started on May 7, 2014, when Jignesh Shah was taken into custody by the Economic Offences Wing (EOW). An officer had told that the order has come right from the top. Who was this person on the top?

Jignesh Shah had been in and out of custody for 3 months, out of which 2 and half months he had been helping the authorities to track down the amount of Rs. 5600 crores and bury the hatchet. In similar situations across the world, regulatory institutions provide support to overcome the crisis, but in the case of FTIL, it was vengeance that was unleashed and with it came biased actions and punishments.

A lot of things came into light later like there was a meeting between the EOW boss Rajvardhan Sinha and a lieutenant of Dr. K. P. Krishnan before the arrest took place. Why was he in Mumbai? Why was he meeting Rajvardhan Sinha? What suddenly changed on May 7^th that Jignesh Shah was suddenly summoned and arrested? The answers remained hidden.

It is certain that someone somewhere was plotting a big, dirty game and has caught hold of them right in the middle of the web of the conspiracy. The claims of the traders and clients remain unsettled and FTIL has been left alone to deal with the recovery efforts. Nobody benefited from this except a few officials who are keen to destroy anything that lies in the path of their selfish goals.