 "Maharashtra government formally attaches Jignesh Shah's residence")
The Maharashtra government on Friday formally attached a bungalow (pictured) belonging to Jignesh Shah, promoter of Financial Technologies (India), or FTIL, in the Rs 5,600-crore National Spot Exchange (NSEL) scam. FTIL is a promoter of NSEL. The bungalow, R Square, is located in the upscale Juhu scheme area in western Mumbai.
“The state government has issued a notification and taken Shah’s Juhu residence Bungalow property under its control. This means, the government has formally attached it. As of now, there is no development on auctioning it. Other properties attached by the police were already attached by the government earlier,” said an Economic Offences Wing (EOW) official. Any property attached by the police for auction has to be taken over by the state first.
Most other properties running into hundreds were already attached by the state. Properties are attached by the state under powers conferred by the Maharashtra Protection of Interests of Depositors Act.
In December 2013, three properties of Shah — the Juhu bungalow, a row house in Aarey Colony in Goregaon, and a plot in Pune — were attached by the EOW of the Mumbai police investigating the NSEL scam.
According to sources, the properties of the borrowers who defaulted and those of the directors of FTIL and some officials of NSEL had earlier been attached by the EOW in December 2013. Apart from these, Shah’s shares in FTIL and in Indian Energy Exchange, and fixed deposits were attached by the EOW.
Vehicles, bank accounts, shares and investments were also attached by the EOW. The total value of the all attached properties worked out to Rs 6,200 crore.
“The state government has issued a notification and taken Shah’s Juhu residence Bungalow property under its control. This means, the government has formally attached it. As of now, there is no development on auctioning it. Other properties attached by the police were already attached by the government earlier,” said an Economic Offences Wing (EOW) official. Any property attached by the police for auction has to be taken over by the state first.
Most other properties running into hundreds were already attached by the state. Properties are attached by the state under powers conferred by the Maharashtra Protection of Interests of Depositors Act.
In December 2013, three properties of Shah — the Juhu bungalow, a row house in Aarey Colony in Goregaon, and a plot in Pune — were attached by the EOW of the Mumbai police investigating the NSEL scam.
According to sources, the properties of the borrowers who defaulted and those of the directors of FTIL and some officials of NSEL had earlier been attached by the EOW in December 2013. Apart from these, Shah’s shares in FTIL and in Indian Energy Exchange, and fixed deposits were attached by the EOW.
Vehicles, bank accounts, shares and investments were also attached by the EOW. The total value of the all attached properties worked out to Rs 6,200 crore.