Zee Media Bureau/Tarun Sharma
Mumbai: In what could be a turning point in chairman of Financial Technologies Jignesh Shah's fate, sources have said that he has given a partial confession to the Economic Offences Wing (EOW) of Mumbai.
According to sources at EOW during the course of interrogation Shah accepted that he was aware of happenings at the scam ridden National Spot Exchange (NSEL).
"After initial denial, Jignesh Shah accepted that he was aware of crisis at NSEL when we confronted him with the evidence," said a source.
This confession comes after the staunch denial from the FTIL chairman that he was in complete dark about activities of NSEL and the entire wrong doings were perpetrated by Anjani Sinha, the erstwhile MD and CEO of NSEL.
After being released from custody, Sinha during a recent exclusive chat with Zee business stated that not only was Shah aware of happenings at NSEL, he had also met many of the borrowers including NK Proteins which holds the largest exposure in NSEL.
Jignesh Shah was arrested by EOW on 7th May this year on the grounds that Shah was not co-operating during investigations and the arrest was necessary.
Shah and Shreekant Javalgekar, Ex-CEO and MD of MCX are in judicial custody till June 13 in connection with the Rs 5,600 crore NSEL scam.
"With the partial confession we are in a position to make a strong case against Shah. But, some more probing is left before he can be chargesheeted," said sources.
On the other hand the other members of board may escape action as investigations revealed that board of NSEL was unaware of majority of happenings at the spot exchange.
First Published: Friday, June 6, 2014, 20:00