Why The NSEL Case is a Conspiracy Against Jignesh Shah

by Ankita Sehgal Freelance Blogger, Lives in New Delhi

The Chairman Emeritus, and Chief Mentor of 63 Moons Technologies Limited, Jignesh Shah is one of the top entrepreneurs in the country. According to Forbes, the net worth of the first generation entrepreneur is 610 million dollars. However, the man once worked at the Bombay Stock Exchange (BSE) and belonged from a middle-class family. Through sheer hard work and effort, he made it to the list of the millionaires of India. To date, his flagship product 63 Moons Technologies Limited, formerly known as Financial Technologies India Limited (FTIL), is one of the most successful initiatives in the history of the Indian FinTech industry.

In 1988, when the Indian stock market was rigged and a few honchos enjoyed the monopoly, Jignesh Shah came up with his flagship product FTIL. The organization provided multiple solutions to various sectors and destroyed the dominance over the market. Also, he launched multiple exchanges both in India and overseas that facilitated many international trade routes. Today, his strategies have turned to case studies that are analyzed and researched by many.

In his maneuver of developing India and impacting the lives of millions of people through job generation, he faced many challenges weaved by the people who enjoyed the monopoly in the market. One of his prime exchanges, National Spot Exchange Limited (NSEL) faced a huge setback in 2013 when a payment default of Rs 5600 crore was exposed. Many investors, defaulters, brokers, and administrators were allegedly involved in the case. Soon after, in June 2013, NSEL was barred from launching any more contracts that lead to its abrupt shutdown.

Right after the news went public; all the investigative agencies developed an interest in the exchange. Many brokers, investors, and administrators including Jignesh Shah were under the radar of suspicion. They were called upon by the Economic Offences Wing of Mumbai Police again and again. Jignesh Shah repeatedly visited the police station to help track down the money. After visiting nearly 21 times, on May 7th, he was summoned at the police station and detained under the ground of non-cooperation.

The sudden arrest of Jignesh Shah was highly suspicious as to date, no hard evidence is found against him. Later, it was revealed that someone from the top administration ordered Jignesh Shah’s arrest. However, the identity of this person is still unknown. Further, more information came to light that questioned the arrest of Jignesh Shah. Right before the arrest, the EOW boss Rajvardhan Sinha and a lieutenant of Dr. K. P. Krishnan had a meeting. Why was he in Mumbai? What they possibly could have discussed? What suddenly lead to Jignesh Shah’s arrest? Many answers still remain behind the veil.