Business Updates

This is how Jignesh Shah has been targeted for his success

There have been numerous complaints against Jignesh Shah and his company, but to no avail, as the judiciary has been unable to find anything suspicious in the operations of the company. After ‘The Target’ came out to put the case in perspective, it seemed as if the whole thing was nothing but a conspiracy to show Shah the red flag. As it turns out, more than a few people find themselves envious to his growth in a few years.

In 2014 and then again in 2016, Jignesh Shah was arrested on the charge of not cooperating in investigation on the NSEL case. Eventually, it came to light that Shah was more than willing and even helped the investigating parties to go through all the data they needed to. The agencies didn’t conform to veracity pertaining to NSEL that the parent company, Financial Technologies Limited (FTIL), now known as 63 Moons had no support or part to play for the risks ventured by the formers. The financial relations between these agencies and 63 Moons were out in the open and indicted no involvement from FTIL in the payment default. Jignesh Shah even went as far as to pay Rs. 179 crores to clients who lost up to Rs. 10 Lakh. The following puts light on the same:

In paragraph 18 of the order, the Hon’ble Justice ruled: “Though the case has been projected as a ‘scam of Rs. 5,600 crores’, it needs to be kept in mind that these amounts have not been received by NSEL. As already observed, it is difficult to accept that the brokers and / or their clients for whom they were working were ‘deceived’ by the NSEL in as much as in all probability, the brokers and the investors were well aware that they were not entering into genuine sale and purchase contract…the ill-gotten amount has not gone to the applicant or for that matter, to NSEL. In fact it is not the case of anyone.”

The Target is a detailed account of how the 22 defaulting companies and vested interest of top notch bureaucrats have drafted an elaborate conspiracy against the financial wizard of India.