What does the raid on the residence of Jignesh Shah and FTIL offices mean?

by Ravi Sharma Writter

Circumstances continue to be hard for Jignesh Shah and his company after the Central Bureau of Investigation (CBI) raided the Financial Technologies (India) Limited (FTIL) office and his house.

The businessman and his company were subject to the raid in relation with the irregularities in the national commodity exchange identity of the Multi-Commodity Exchange (MCX) formerly granted by the FMC. Four former chairmen of the Forwards Market Commission (FMC) were alleged to grant the MCX a national commodity exchange status with irregularities in the procedure.

The company has confirmed that the search was regarding the permission granted to the exchange in 2003. A spokesperson of the company said, “We find this surprising as the permission was granted 15 years ago when the country did not have a pan-India commodity exchange. The permission to set up a nationwide commodity exchange was not only granted to MCX but also three others—NCDEX, NMCE, and N-BOT. We have already been forced to exit MCX in 2014 and all documents related to the permission are obviously with MCX. Despite this, the search is being conducted on us and our chairman emeritus (Jignesh Shah),” he said.

The proceedings are most intriguing as they occur within a few days of the launch of C-Company – a book by Shree Iyer that investigates the NSEL case. The text suggests that the investigations against FTIL, now 63 moons technologies are a nothing but a conspiracy. The book revolves extensively around the alleged vested interests of P. Chidambaram in the case. The launch was attended by famous politician Subramaniam Swamy which received much attention.

As has been a custom among the previously held investigations against Jignesh Shah and the Financial Technologies, no document or proof of such allegations has been found in the raid. The spokesperson added, “During the search at Shah’s residence on Friday, CBI did not find any single incriminating material and/or document. The agency is being misled by vested interests trying to divert attention from the truth getting established.”

More remains to be seen as the case develops as a total of 9 officials from 63 moons technologies and MCX are under investigation. It can simply be said that there is much more to it than meets the eye with this being the third CBI case against Jignesh Shah and his company. It is worth noting that Shah came out clean every time there were allegations against him.