Jignesh Shah was a culprit to many in the NSEL case and for many others, he was a victim. What he never thought he could be was ‘a backstabbed Caesar’. Julius Caesar, one of the most powerful conquerors from ancient Rome was betrayed by his closest friend. In a very similar way to this, Shah was betrayed by Anjani Sinha, the then CEO of NSEL and one of the close confidants of Jignesh Shah. Sinha revised his original statement, under pressure or not and put all the blames on FTIL and Shah. 

The Daily, in its report, stated “Sinha’s damaging statement (Anjani Sinha’s revised statement dated October 21, 2013 retracting the earlier confession statement made by him in September 2013), follow- up investigations by the EOW, the appointment of Rakesh Maria as commissioner of the Mumbai police in February, some of the invisible forces and a few powerful enemies in New Delhi–who pushed for action before a new government took over in a few weeks–went against Jignesh Shah.”

It further said: “The factors that precipitated the arrest were the changing political equations in Maharashtra (where a large number of investors are based) and the urgency to prove a point before the state Assembly elections later this year.”

The ethical values of Anjani Sinha were under high scrutiny and this has been mentioned by Shantanu Guha Ray in his new book, The Target.

My research discovered that Anjani Sinha had the art of committing frauds in financial exchanges. Even those who had worked closely with Sinha had a poor opinion of his credibility with the honesty in the proceedings. Kolkata-based stock broker Ratan Lal Agarwal writes during the tenure of Sinha as the chief general manager and chief executive of Magadh Stock Exchange (MSE), there were several irregularities in the dealings of physical shares.

He added,”Anjani Sinha, who was at the helm of affairs of the exchange, had done absolutely nothing to rectify/replace the bad delivery of shares against the security/ margin of the defaulting members of MSE. Neither did he file any FIR or criminal proceedings against the defaulting members for introducing stolen, forged and fake shares...All these had resulted in payment crisis and eventual failure of the MSE.”

Jignesh Shah was not only caught amidst a full-fledged conspiracy, he was now also unsure of whom to trust and whom not to.