Spot exchange scam: SC refuses to hear bail cancellation plea

The Supreme Court today refused to hear a plea seeking cancellation of bail granted to Jignesh Shah, prime accused in the Rs 5600 crore National Spot Exchange Limited (NSEL) scam case.
A bench headed by Justice Pinaki Chandra Ghose did not entertain the petition filed by a group of investors on the ground that it had no locus to challenge the Bombay High Court order granting bail to Shah in the case.
The court said that certain individuals had approached it and not the state government or the prosecuting agency.
Shah, former Chairman and Chief Executive Officer of Financial Technologies India Ltd, is an accused in the NSEL payment crisis case.

The Bombay High Court had on August 22 granted bail to Shah on a bond bond of Rs 5 lakh and a surety of like amount.
He was arrested on May 7 for his alleged involvement in the Rs 5,600 crore payment crisis at subsidiary National Spot Exchange.
The police have charged Shah with criminal conspiracy, breach of trust, cheating and forgery under various sections of the Indian Penal Code, and under certain provisions of the Maharashtra Protection of Interest of Depositors Act.