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Aggrieved investors in the Rs 5,600-crore payment crisis at the now defunct National Spot Exchange, have filed a petition in the Bombay High Court seeking speedy investigation.
The NSEL Investors’ Action Group said the probe should be conducted by a joint investigation team of the Economic Offences Wing, Central Bureau of Investigation and Enforcement Directorate, the three respondents in the suit.
Filed on Friday, the writ made the Union of India and the state of Maharashtra as respondents. The court has admitted the writ and scheduled for hearing on Friday. “The investigation is shoddy. Culprits, including Manjay Shah (younger brother of Jignesh Shah), Paras Ajmera (Jignesh Shah’s aide) and Shankarlal Guru (chairman of National Spot Exchange) have not been booked. The Investigation agencies have found evidence about their involvement,” said Ketan Shah, member of the investors’ group and also the complainant.
The Jignesh Shah promoted Financial Technologies had set up the National Spot Exchange as a subsidiary. “The role of Mukesh P Shah, uncle of Jignesh Shah who was the auditor of National Spot Exchange for several years, has not been investigated. Now Mukesh P Shah has applied for anticipatory bail,” said Anand Sultania, another member of the investors’ group.
“We know legal processes take time in India. But looking at the magnitude of the scam, more involvement of the state machinery is needed. Also, there has been hardly any recovery from defaulters in the last six months despite a three-member High Court committee being set up,” Sultania added.
National Spot Exchange admitted recently the committee chaired by Justice VC Daga had secured decrees for disposal of Rs 2,200 crore of defaulters’ assets. Auction of these properties can start at the direction of the Bombay High Court.
Attempts were on for securing decrees against other assets, NSEL had added.
