Jignesh Shah, a personality revered for introducing the finest trading system to India, is under the constant scrutiny of the influential bureaucrats and the competitors. Having never sought for any favors from the government seems to have backfired on his uphill battle, the sole purpose of which has been a public good.
A series of advancements have been made to rule him out of finance systems realm. Jignesh Shah and his firm FTIL (now known as 63 Moons) have been coerced in the past to sell his stake to certain banks for the loans that have been duly repaid in time. Multi-commodity Exchange of India Ltd (MCX), the largest commodity futures exchange limited, which was set up by Jignesh Shah was raided with no significant avail. The raid was also used as an alibi to stop him from setting up another exchange; Metropolitan Stock Exchange of India Ltd (MCX SX).
In latest developments, The Economic Offences of Wing (EoW) of Mumbai police has appointed Mahindra Special Services Group, an arm of Mahindra Defence Systems, as the digital forensic auditor to probe into the National Spot Exchange (NSEL) payment crisis. Jignesh Shah’s 63 Moons has agreed to total cooperation on its part, as it did through all the previous investigations. The audit is supposed to bring out fresh clues in the investigation that will soon enter the 5th year without finding anything substantial against Jignesh Shah or his company.
“It may be pointed out that even in the past, Choksey & Choksey has done a forensic audit and over 40,000 genuine claimants of E-series have benefitted out of this. We just have to add that the so-called investor associations, such as NIAG, tried their best to derail this settlement process. However, under the Honorable High Court’s observations and directions, the claims of these genuine claimants were settled fully” stated 63 Moons spokesperson Devraj Uchil on the pertaining matter.
While the investigations cast a gloom over Jignesh Shah’s hard work, he has resolved not to give in to the unfounded allegations and provide full cooperation on his part as he fights this dark cloud on his professional horizon.