The long arm of the law seems to be catching up with Jignesh Shah and his trusted lieutenants - Joseph Massey and Shreekant Javalgekar.
The Mumbai police has attached Jignesh Shah's bungalow in Juhu, Mumbai's posh suburb, and shares of Financial Technologies (FT), his business empire's flagship company, and assets of his colleagues in its effort to recover funds sunk in the Rs 5,500-crore National Spot Exchange scam. They cannot sell these assets unless the court hearing the NSEL trial orders the police to lift the freeze, said a senior official of Mumbai police.
Apart from this, the Economic Offences Wing (EOW) of the police has attached Shah's fixed deposit worth Rs 11.75 crore in HDFC Bank, his house in Mumbai's Arrey Colony, whose paper value is Rs 78 lakh, a plot in Pune worth Rs 1.6 crore and his shares in FTgroup company Indian Energy Exchange (IEX) worth Rs 51 lakh. The police is also getting details of 5 demat accounts in Shah's name, said Rajvardhan, additional commissioner of police, EOW.
Shah directly holds shares worth Rs 144 crore, as on Tuesday, in FT and controls shares worth Rs 205 crore through other entities. The value of the bungalow frozen in Juhu is yet to be ascertained as the police are awaiting its property details.
The police also seized moveable and immoveable properties belonging to other directors of NSEL - Joseph Massey and Shreekant Javalgekar - and its former chairman Shankarlal Guru, father in law of Nilesh Patel, who, in turn, controls NK Proteins, the biggest borrower on NSEL with liability of Rs 964 crore. This follows the seizing of property worth around Rs 2,100 crore of 24 defaulting borrowers.
"We will freeze properties worth Rs 3,500-4,000 crore belonging to borrowers as well as directors after going through their books of account and records of money trail," said Rajvardhan. (Economic Times)
NSE will introduce four indices from April 8 in both the cash and derivatives segments.
These include Nifty Tata Group 25 per cent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Mu...
Investment firm BlackRock Inc's equity holding has surpassed the five per cent level in renewable energy solution provider Suzlon Energy with the acquisition of about 24.73 lakh shares.
&...
The National Stock Exchange (NSE) is looking to increase trading hours in the equity derivatives segment in a phased manner, a move that will potentially curtail the overnight risk arising from global...
We use cookies for analytics, advertising and to improve our site.
You agree to our use of cookies by continuing to use our site.
To know more, see our
Privacy Policy
CA Sansaar Search
Get Daily Updates Via Email
Kindly click the email subscription confirmation link sent in your mail.
Print
Comments