After the turbulent crisis of NSEL, the Economic Offences Wing (EOW) of the Mumbai police has shifted its focus on Jignesh Shah, the founder of Exchanges charging him of forgery on illegitimate grounds. An investigation is being carried out for preparing a supplementary charge sheet by the Enforcement Directorate (ED).
Talking about the matter, Shah stated that, “In India, innovation is either rewarded or destroyed… in my case, it was the latter. “After this the target shifted to the FTIL employees and the software used by them in the trading platform. Apparently, FTIL seems to be a prey of malicious controversies in clear terms.
The official spokesperson of FTIL stated that “In the face of a forced exit, the innovator in Jignesh Shah continued to push for new ways to embrace technology—his vision gave birth to JS Innovation Labs. Jignesh Shah became the chief mentor of FTIL’s new avatar—63 moons Technologies Limited. However, he has completely disassociated himself of the day-to-day operations at 63 moons.”
He further talked about Joseph Massey, the Managing Director and Chief Executive Officer of MCX-SX and a director at NSEL was alleged for cheating and fraud by the EOW, stating that, “Massey is currently on FTIL’s payroll but with no formal designation. In his current role, Massey is expected to aid in recovery of funds. He also aids the investigators in their probes by helping them understand the intricacies of commodities trading,”
In an emailed response he further cleared the air stating that, “the backlash of discriminating actions by the erstwhile Forward Markets Commission (declaring FTIL not fit and proper to run an exchange) was that Jignesh Shah, Joseph Massey and Shreekant Javalgekar were forced to exit their positions from their respective roles. All three were declared ‘not fit and proper’ in 2013, forcing FTIL to exit from its exchange businesses with a deadline of 90 days, despite the matter being sub judice”.