INNOVATOR JIGNESH SHAH’S FUTURISTIC CONTRIBUTION TO INDIA

by Jignesh Shah Jignesh Shah: An Idol of perseverance

It was the vision of fintech innovator Jignesh Shah that went beyond the outmoded exchange market structure to set up world-class trading systems in India. His FTIL group, later named as 63 moons tech, is the only Indian company to have established electronic silk and spice routes across continents right from Africa, to Middle-East, to South-East Asia.

However, Jignesh Shah’s success became a thorn in the eyes of certain monopolistic forces who hatched a well-planned conspiracy to finish him off along with his exchange empire, and for that they created an artificial payment default crisis at one of his smallest subsidiary—the National Spot Exchange Limited (NSEL) in 2013. The entire money trail of the default amount was traced to the 24 defaulting entities by the investigating agencies, and not a paisa was found with NSEL, FTIL and its founder, Mr. Jignesh Shah but despite that he and his companies were singularly targeted by way of all wrongful executive actions.

However, most of the charges levelled against Jignesh Shah and his companies have started falling flat in the topmost courts of the country. The Hon’ble Supreme Court set aside the forced merger of 63 moons with NSEL on 30th April 2019 i.e. almost after 6 years of NSEL crisis.

While pronouncing the judgment, the apex Court laid down the precise definition and the elaborate criterion for what constitutes ‘public interest’. Another big judgment happened very recently where 63 moons won MPID case in Bombay High Court. The High Court stated that NSEL is not a financial establishment and hence notifications for attachment of the company’s assets including bank accounts and properties under the MPID Act stand quashed.

Now, Jignesh Shah is quite hopeful about the resolution of the NSEL crisis as also about punishment to all those who were party to the fraud, and since he holds ultimate faith in the country's judiciary, he staunchly believes that truth will prevail and it cannot be undone by a million lies.