FTIL & Jignesh Shah investigations have been numerous

The Enforcement Directorate (ED) had put the founder of Financial Technologies India Limited (FTIL) behind bars, and the Mumbai police's Economic Offences Wing (EOW) has now gone ahead and attached all immovable assets of the company in connection with the Rs 5,600 crore NSEL scam.

There has been several investigations as far as the Financial Technologies India (FTIL) and Jignesh Shah case is concerned. In 2014, the investors’ forum of National Spot Exchange (NSEL) i.e. the NSEL Action Group had moved the Enforcement Directorate (ED) as well as the Economic Offenses Wing (EOW) of the Mumbai Police seeking attachment of Jignesh Shah as well as FTIL assets. Their ground for seeking attachment was that FTIL according to EOW had begun selling assets and was bit-by-bit laundering money and to curb that they had moved the EOW.

Post that, the Company Law Board in a separate case altogether had moved courts, freezing FTIL assets and barring them from selling them. Today, under the Maharashtra Protection of Interest of Depositors (MPID) Act, EOW has attached assets of FTIL. However, this doesn’t include all their offices across the country. Immovable assets of FTIL are about Rs 6,500 crore. So, only a portion of that that has been attached. Over and above the physical real estate assets, they have also attached liquid assets as well as bank accounts of FTIL worth about Rs 2,200 crore, say sources. The two and half years of investigation has culminated into different cases against FTIL, like the PMLA investigation, the case between ED and Jignesh Shah, then the defaulter’s case and now this investigation by EOW. There will be another case that will come up from CBI as well.