PMLA court grants bail to Jignesh Shah

In a setback to Enforcement Directorate and a huge relief to Jignesh Shah, a PMLA court on Saturday granted bail to Shah in the NSEL scam, reports CNBC-TV18's Priya Sheth. 
According to a report in Mint, the bail was granted on the grounds that Shah’s custody was no longer needed for investigations. He has been released on a surety of Rs.2 lakh and his passport needs to be deposited in the court.

ED officials had arrested Shah on July 12 on the grounds that the agency had found clear evidence of money laundering against him and for non-cooperation with investigative agencies in relation to the scam. The NSEL scam was a ponzi scheme and has been estimated to be a Rs 5,600-crore fraud. Watch video for more...