NSEL case: Jignesh Shah’s assets attached
04 Dec 2013
The Economic Offences Wing of the Mumbai police on Tuesday attached all assets of National Spot exchange (NSEL) promoter Jignesh Shah, including 1.19 lakh shares of Financial Technologies and 5.1 million shares in Shah-owned India Energy Exchange Ltd.
Jignesh Shah's holding of 1.19 lakh shares in FTIL is worth about Rs179 crore at current market value.
The police also seized Shah's bungalow in Juhu, a row house in suburban Goregaon with a book value of Rs78 lakh, land holding in Pune worth Rs1.6 crore, and fixed deposits of Rs11.75 crore.
Chief of the Economic Offences Wing Rajvardhan said the value of the Juhu bungalow in the posh western suburbs of Mumbai and four dematerialised trading accounts are yet to be ascertained.
The agency has also attached two flats of Joseph Massey, a former director of NSEL, in suburban Andheri and froze shares worth Rs98 lakh he owned in MCX.
Four flats of Shreekant Javalgekar, former managing director and CEO of MCX, and former NSEL chairman Shankarlal Guru's bungalow in Ahmedabad, have also been seized.
Javalgekar's shares in various companies worth Rs1.2 crore have also been seized.
Guru is also the father-in-law of Nilesh K Patel, owner of NK Proteins Ltd, which owes NSEL Rs969 crore.
Rajvardhan said that till date 322 bank accounts with holdings of Rs170 crore, 206 properties, which have a book value of Rs2,580 crore, 15 vehicles and other assets have been seized from the 11 accused.
The assets so far attached have a cumulative book value of about Rs2,985 crore, he said, adding that the market value of these assets could be around Rs4,000 crore.
''We are confident that we will be able to recover 90-95 per cent of the amount stuck in the NSEL crisis. Right now the focus of the investigation is on recovery of money and we are on the right track,'' Rajvardhan said.
