Jignesh Shah was never informed of stock positions: Lawyer

MUMBAI: A sessions court judge on Monday heard the bail plea made by MCX promoter, Jignesh Shah and his aide and posted it for order on Wednesday. Shah's counsel Mahesh Jethmalani argued that his continued custody was not required in the alleged Rs 5,600 crore NSEL(National Spot Exchange Limited) payment scam. He argued that the email which the prosecution is relying on shows that Jignes was never kept informed of the stock positions.

Shah and former managing director and chief executive of the commodity exchange, Shreekant Javalgekar, were arrested by the Mumbai Economic Offences Wing in the alleged fraud case on May 7 after complaints alleged that nearly 18,000 investors lost huge amounts.

Jethmalani also argued that the the prosecutions own case was that the brain behind the alleged scam was Anjani Sinha, as disclosed in the chargesheet. He said and the only evidence the prosecution agency have against Jignesh is the statement of Sinha, a co-accused."There is no independent evidence against Jignesh,'' he said adding that the police called Jignesh Shah 38 times and found nothing against him.

During earlier submissions, the special public prosecutor in the case argument had submitted a number of emails sent by an NSEL official to one of the borrowers to establish that NSEL management was aware that there was inadequate stock in its warehouses, compared to the stock that was being traded at the exchange.

http://ift.tt/1i1MLuK promoter,Jignesh Shah,Economic Offences Wing