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NSEL scam: Court may hear bail plea of Jignesh Shah on June 2

A local court on Tuesday adjourned the hearing on the bail applications of MCX promoter Jignesh Shah and his aide till next month in connection with the alleged Rs 5,600 crore NSEL payment scam.

Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar were arrested in the alleged fraud case on May 7. The sessions court is now likely to hear their bail applications on June 2.

Shah came under the scanner of the Economic Offences Wing (EOW) and other agencies last year when NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions of rupees.

Besides being the founder chairman and group chief executive of Financial Technologies Group, Shah is also the founder of MCX, the world’s eighth largest commodity futures exchange. A first-generation entrepreneur, he founded FTIL Group in 1999.

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