The whole world was taken by storm when a major crisis broke out at Jignesh Shah’s NSEL. A substantial amount of Rs 5600 crore was lost in the crisis. Many brokers and investors lost their money, and NSEL was barred from launching any new contracts resulting in its abrupt shutdown. Right after the crisis went public, many officials of NSEL and FTIL including Jignesh Shah, the founder of Financial Technologies India Limited (FTIL), came under the radar of suspicion of various investigative agencies.
After the investigation started, many officials were detained by the CBI. Even though no hard evidence was found against Jignesh Shah, he was interrogated multiple times. The first generation entrepreneur had complete faith in the judicial system of the country and offered complete cooperation with the authorities to track down the money.
On 7th May, Jignesh Shah was summoned by the Economic Wings Officer and taken into custody under the grounds of non-cooperation. The sudden decision was very shocking for the Indian media and it spread like a drop of oil in a pool. Even after his complete cooperation and help to track down the money, he was taken into custody. Later, it was disclosed that the order for arresting Jignesh Shah was delivered by some higher official.
This was not the first attack on Jignesh Shah. He and his initiatives have long been targeted by politicians and corrupt officials for their vested interests. With path-breaking initiatives, Jignesh Shah distributed the power from the hands of the few and ended the monopoly in the market. Since then, he is facing a continuous ‘Saga of Injustice’. His exchanges MCX and FTIL were raided but, nothing was found. FTIL was forbidden from having a strategic stake in exchanges, and MCX-SX was refused to launch equity and debt market segments. Also, FTIL was banned from launching trades in USD-INR contracts. Heavy commodity transaction tax was also imposed on trading of gold and metals in which an FTIL subsidiary was a leading organization.
Coming to a conclusion with so many loose ends is not possible. But, the prejudices and involvement of higher authorities are directing towards a propaganda that has been weaved to bring down Jignesh Shah and his global empire.