The Economic Offences Wing (EOW) of the Mumbai Police Crime Branch is set to question FTIL promoter Jignesh Shah and Shreekant Javalgekar about the jacking up of the transactions at the National Spot Exchange Limited (NSEL), which have come to light in investigations so far.
“We will be questioning them about the conspiracy and also about why the volume of trades was jacked up. We will also probe why so many exchanges were set up across the globe by them,” said Additional Commissioner of Police (EOW) Rajvardhan Sinha.
Shah, the chief promoter of the NSEL and Javalgerkar, its chief financial officer, were arrested by the EOW on Wednesday in connection with the payments scam and they were subsequently remanded to police custody till May 15.
The police have so far arrested 11 in the case, and their interrogation as well as examination of documentary and electronic evidence has revealed that the volume of transactions of the NSEL was declared as far more than what it actually was.
Officials said that Shah and Javalgekar, in their respective capacities, were in a position where they knew about it as well as to be party to it, and this would be the primary focus of the EOW’s investigation.
Meanwhile, EOW officials said that Anjani Sinha, Amit Mukherjee and Jai Bahukhandi getting bail would not affect their investigations. “We have already interrogated them at length and they were in judicial custody. We can always call them back for questioning in case the need is felt,” said
an EOW officer. Around 15,000 investors are alleged to have lost Rs 5,600 crore in the scam, wherein officials of the NSEL did not back up their investments with commodities of equal value in its warehouses as per the terms of the exchange.