Jignesh Shah's bail plea to be heard by HC

MUMBAI: The Bombay high court will continue hearing on Thursday a bail plea filed by Jignesh Shah chairman of Financial Technologies who was arrested on May 7 in connection with Rs 5600 crore scam at FTIL subsidiary National Spot Exchange Ltd (NSEL). Shah's counsel Mahesh Jethmalani said there is not even a prima facie case against his client who as a non executive director of NSEL had no role in the alleged scam and it was the amount that was prejudicial aspect in the case against him.

Justice Abhay Thipsay who heard the matter on Wednesday will continue hearing Shah's plea post lunch on July 17.

NSEL is a commodities exchange. Jethmalani said the offence alleged is that investors' money was misappropriated. It's the amount -Rs 5600 crore-that is the real prejudicial aspect in the case against Shah who the sessions court wrongly held may be involved prima facie. Shah is in custody now for almost 70 days and is entitled to bail since the 60-day period for filing a charge sheet is over, said Jethmalani.

Lawyers for the investors said Shah is the real culprit as the FTIL which has 99.9 percent share in NSEL benefited directly from the paired contracts investors were made to enter in and in which they lost all their money as commodities they invested in never existed.

Jethmalani said all other accused are already out on bail including the main accused Managing director of NSEL Anjani Sinha. The only material which the police have is the inadmissible 'revised statement' given by Sinha to implicate Shah he said. He said the allegations against Shah were "unsustainabale".

The court wanted the prosecutor to explain the scam which the lawyer tried to do. But an investor Ketan Shah who lost over Rs 15 crore in the scam said he would explain how the investors were duped in the massive scale they were. The judge asked him to first give the details to the public prosecutor and if that wouldn't work, then he might allow him to explain the scam at the hearing on Thursday.

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