April 21, 2019

NSEL Scam – Even after Multi Agency Probe. Investor Clueless on Outcome

The 5600 Crore NSEL scam was a  financial fraud which surfaced in July 2013 when the National Spot Exchange Limited promoted by FTIL (Financial Technologies India Limited)  and run/managed by Jignesh Shah declared that it had neither the money nor stocks to pay 13000 investors. Since then, various agencies have conducted probes but to date there is no clear picture about the real money trail and how this large amount vanished from the books of NSEL.

To date, the Enforcement Directorate, EOW, Mumbai Police have all conducted their investigation. Heads of broking houses IIFL, Anand Rathi have been arrested and released. The mastermind Jignesh Shah was recently arrested by the PMLA  court and remanded to judicial custody.   Since the NSEL scam broke out, 22 investors have passed away due to the complete loss of their hard earned savings, many more are ailing and undergoing deep emotional stress. While  in a similar situation other fraud mired companies  like Winsome Diamonds, Kingfisher etc were all investigated by the SFIO, a scam much larger in nature like the 5600 Crore  NSEL SCAM has escape the attention of this very competent body for inexplicable reasons.

Sign my petition asking MCA to carry out an SFIO probe into the NSEL scam, financial dealings and entries of FTIL,  its subsidiaries IBMA, MCX,NBHC  which caused a loss to 13000 Families & Govt.’s own PSU’S  . We need to set a strong example that will make Scamsters think twice before cheating Investors & Govt.

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Article by  Madhav Mumdhra

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