FTIL founder Jignesh Shah.
Shah, who was arrested on May 7, has been charged with cheating, forgery, inducement for cheating and criminal conspiracy. Till date, 11 persons have been arrested in the case.
Shah, 44, is the sixth person to be chargesheeted. On January 6 this year, the EOW had chargesheeted five others, including former NSEL MD Anjani Sinha, and former assistant vice-presidents Amit Mukherjee (business development) and Jai Bahukhandi (warehousing). That chargesheet had also named N K Proteins MD Nilesh Patel and Lotus Refineries MD Arun Kumar Sharma.
Rajvardhan Sinha, additional commissioner of police, EOW, said, "We filed the chargesheet against Shah before the Maharashtra Protection of Interest of Depositors Act (MPID) court. By filing the chargesheet within 90 days, we have denied Shah right for bail. It contains list of documents recovered, details of stock and warehouses and list of 270 witnesses, including complainant Pankaj Saraf, our officers and investors."
The Forward Markets Commission, which has created an escrow account, has so far repaid investors Rs 356.88 crore. The money comes into the account from 24 defaulters on a weekly basis.
The police have so far frozen 322 bank accounts holding Rs 171 crore, attached over 210 properties worth about Rs 4,092 crore and seized 15 high-end cars worth Rs 5.8 crore.
Reacting to the chargesheet, NSEL said, "The payment default at NSEL had arisen due to the complicity between certain erstwhile officials of NSEL and defaulting members. We understand that investigating agencies have traced funds to defaulters. NSEL has initiated civil and criminal proceedings against these defaulters. NSEL will pursue vigorously to ensure that the settlement obligations are honoured by the defaulting members."
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