Jignesh Shah Arrested In Rs 5,600 Crore NSEL Scam Case

The Enforcement Directorate on Tuesday arrested Financial Technologies India Ltd (FTIL) founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited (NSEL) money laundering scam.

Officials said Mr Shah was arrested under the provisions of the Prevention of Money Laundering Act (PMLA) as “he was not cooperating in the investigation”.

They said Mr Shah was questioned by the investigating officer of the case on Tuesday after which he was placed under arrest.

“Shah will be produced in a special anti-money laundering court on Wednesday,” an Enforcement Directorate official said.

Mr Shah was also named in the first charge sheet filed by the Enforcement Directorate in this case last year.

Reacting to the development, Financial Technologies said in a statement, “We fail to understand why such a coercive step was taken against by the Enforcement Directorate when shah has been fully cooperating with the investigation.”