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NSEL scam: Jignesh Shah gets bail
MUMBAI: The Special Prevention of Money Laundering Act (PMLA) court granted bail to Jignesh Shah on Saturday, fifteen days after he was remanded to judicial custody
MUMBAI: The Special Prevention of Money Laundering Act (PMLA) court granted bail to Jignesh Shah on Saturday, fifteen days after he was remanded to judicial custody on July 18.
Shah, arrested for allegedly laundering Rs837 crores — earned through transactions and dealings in National Spot Exchange Limited (NSEL) — was granted bail for a bond of Rs2 lakhs. He was also asked to surrender his passport to the court.
Shah was arrested by the agency on July 12 for not cooperating with the probe into the money laundering. The agency said Shah was asked questions related to monetary transactions between Financial Technologies India Ltd, (FTIL), of which he was the chairman and NSEL, which was promoted by FTIL.
However, the defence said his arrest was illegal. It stated that the information sought by the agency had already been provided to them and was on record. The PMLA had earlier refused to extend Shah’s custody on July 18, stating that there were no fresh grounds for doing so.
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