The sessions court here on Monday heard the bail application of MCX promoter Jignesh Shah and his aide, arrested in Rs 5,600 crore NSEL payment scam case.

After hearing his lawyers, the court adjourned the case to June 6 when the prosecution will make its arguments. Shah’s lawyers on Monday argued that he was innocent and had nothing to do with the scam.

Shah’s contention has been that he was the non-executive director of the company. He has blamed National Spot Exchange Limited’s former CEO Anjani Sinha for the scam.

Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar were arrested on May 7. Both are presently in the high security Arthur Road jail here.

Shah came under the scanner of the Economic Offences Wing of Mumbai police and other agencies last year when NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions of rupees.

Besides being the founder chairman and group chief executive of Financial Technologies Group, Shah is also the founder of MCX, the world’s eighth largest commodity futures exchange.

social-fb COMMENT NOW