The Central Bureau of Investigation (CBI) today continued to grill National Spot Exchange Limited (NSEL’s) managing director Jignesh Shah a day after it registered an FIR against the exchange’s top brass, its borrowers and the state-run Power & Equipment Corporation for cheating and criminal conspiracy.
Shah arrived with his counsels as well as senior Financial Technologies (FTIL) officials but he is currently being interrogated in isolation.
This second round of questioning, investigations follows nearly a 10-hour long grilling session which went on entirely on Thursday, subsequent to which a statement of Jignesh Shah had been recorded.
This current CBI investigation was prompted by the NSEL scam and refers to the alleged irregularities which has caused the government a loss of about Rs 120 crore by way of its exposure to the NSEL scam through MMTC as well as PEC.
At this point an FIR has been filed. Jignesh Shah and NSEL have been named and infact CBI has also collected documents from borrowers to get more certainty in the matter. There is a great deal of speculation with respect to the possible arrest of Jignesh Shah, but that needs more clarity.
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