Bombay High Court grants bail to FTIL's Jignesh Shah

The Bombay High Court on Friday granted bail to MCX promoter Jignesh Shah in connection with the Rs 5600 crore National Spot Exchange Ltd (NSEL) scam on the condition that he must report to investigating agency office twice a week, every Monday and Thursday until further notice.

The Bombay High Court granted bail to Promoter and founder of Financial Technologies, Jignesh Shah. At the behest of his counsel, Amit Nayak, Shah has been granted immediate bail with a cash surety of Rs. 5 lacs and another solvent surety of a like amount within a fortnight. Shah is also to present himself before the investigating officer twice a week. Shah had been arrested along with aide, Shreekanth Javalgekar by the EOW of the Mumbai Police on May 7 in connection with the 5,574.35 crore payment crisis at NSEL. While the NSEL investor forum that's adamant on seeing Shah behind bars, tried to put forward the pieces of their own investigative work fiercely, the Court questioned the necessity to keep Shah in further custody and how that would affect the EOW's investigation process. Unhappy with the bail decision, the forum is expected to move the Supreme Court for cancellation of bail. Meanwhile, Shah is expected to continue his work on retrieving the 5,600 crore lost in the crisis. There is already a petition pending before the Bombay High Court against the defaulter borrowers that had been filed by the NSEL group prior to Shah's arrest. Now that Shah has been released, the case would be boosted with a renewed vigour and the affected parties are hoping to see some cash flow in soon enough.