ED probe suffers a setback as Jignesh Shah seeks bail

It also projects the fact the investigators have so far been unable to come up with any concrete evidence on the case.Below is the verbatim transcript of Hitesh Jain’s interview to Kritika Saxsena on CNBC-TV18.Q: In terms of some kind of relief coming in for Jignesh Shah, it is to an extent little bit of a relief given the fact that he can at least now apply for bail. Do you believe that weakens the case for the enforcement directorate (ED)? A: Today’s order in terms of not getting the further remand is a setback for ED. It also paves the way for Jignesh Shah to apply for the bail. It doesn’t affect the merits of the case because I don’t think the order of a judicial custody or ED police custody or something will have affect on the merits of the case. However, Jignesh Shah was arrested after some time and when he was arrested the kind of remand report that he was produced to and all, in the five days ED had to get their act together and do a proper homework. However, if ED has failed to get the custody that shows that except the material on which he was interrogated, beyond that they have not been able to lay their hands, that shows the order more so reflects on the manner in which the investigation is going on.So, from that perspective, today’s order is a setback for ED. It paves the way for Jignesh Shah to apply for the bail and ED will now have to come up with something really concrete or substantial if they really want to keep him in the custody. However, I can certainly say that today’s order is not a good development for ED. Q: As far as EDs case is concerned, what can ED do now, what are the options before it because as the lawyer was pointing out and as our reporters were pointing out, they haven’t yet completed the investigation as per the ED lawyer. So, what is the option before them now? A: The only option for ED is to oppose the bail application because if they keep Jignesh Shah in custody, it can put the pressure on Jignesh Shah to cooperate with the investigation because according to ED Jignesh Shah was blocking all the investigation. So, from that perspective they can present a picture before the court that the investigation is yet to be complete, it is at a crucial stage, if you will allow Jignesh Shah to be let out at this stage, there is a possibility that he may try to hamper the progress of the investigation, he may try to tamper with the investigation material. If the investigation is at a crucial stage, and if a person is detained for some time, at least till they are able to complete the investigation then on that limited ground they can try and oppose the bail application if any that will be filed by Jignesh Shah. The only tool that will be available is to give the credibility of the progress of investigation and then try to oppose the bail application.