NSEL Scam: A master Plan To End Jignesh Shah?

The well-known NSEL case, that refers to a payment default of Rs. 5600 crore at the National Spot Exchange, had shaken the financial market to its core. Various investors, brokers, and key decision makers were under the radar of suspicion during the investigation. The exchange was promoted by Financial Technologies India Limited (FTIL), an initiative of Jignesh Shah. After the payment default took place, NSEL was barred from launching any new contracts that resulted in the abrupt closing down of the exchange.

Jignesh Shah

When the scam got exposed, along with several others, Jignesh Shah was also held responsible for the act. Since then, Jignesh Shah has been fully cooperative and constantly helped the authorities to track down the money. Yet, on the 7th of May, 2014, the business tycoon was summoned by the Economic Wings Officer (EOW) and taken into custody under the grounds of non-cooperation. Soon, the information became official and was released in the press. This sudden and surprising act shook Jignesh Shah and destroyed his confidence. After the arrest, an officer told that the order to take Shah into custody had come from the top. Who was this person at the top? What was the motive behind it? The questions remained unanswered. It is pretty evident that a conspiracy was weaved against the first generation entrepreneur because of his unmatched success and innovative initiatives.

Jignesh Shah, remarkably within a decade, took the Indian Financial market to new heights. He curated the Public-Private Partnership (PPO) model to build world-class financial institutions. He also developed the modern IP-centric financial markets which were the instrument to change the contours of exchange trading in India and other emerging economies from Africa to Asia. His strategies had opened up new opportunities for international trade in India and democratized the market. These initiatives took away the control over the market from the hands of a few honchos and angered them.

Since Jignesh Shah’s arrest, he had been in and out of custody for 3 months, out of which, for two months he was busy helping the authorities. While in similar conditions across the world, various regulatory bodies lend a helping hand during any such crisis like this, NSEL was left alone to suffer the consequences. It was vengeance and vested interests that were unleashed against NSEL.

Eventually, as more and more aspects came under the light, the dots started connecting. There was a meeting between the EOW boss Rajvardhan Sinha and a lieutenant of Dr. K. P. Krishnan before the arrest took place. What was he doing so far in Mumbai? Why did the lieutenant of Dr. K. P. Krishnan meet Rajvardhan Sinha? What had suddenly changed on 7th May that Jignesh Shah was taken into custody? The answers still remain hidden.

Related Posts