The high court here on Tuesday reserved the order in the bail plea of Jignesh Shah, promoter of Financial Technologies (India) Limited. It is likely to pronounce the order in the next couple of days.
Shah was arrested by the economic offenses wing of the city police on May 7 for his alleged involvement in the Rs 5,574 crore National Spot Exchange scam. Shreekant Javalgekar, former managing director of MCX, was also arrested on the same day.
Shah and Javalgekar then applied for bail in a sessions court. Javalgekar was granted bail while Shah’s bail was rejected on grounds that he could tamper with the evidence.
Shah then approached the high court. He has been in judicial custody for the last 75 days.
Justice Thipsay, the judge, has said Shah has not directly benefited from the scam.
