Bombay HC grants bail to Jignesh Shah in NSEL case

Justice AM Thipsay said the transactions in question were being entered through brokers who had knowledge of the commercial market.

Observing investors in the Rs 5, 600 crore National Spot Exchange Limited (NSEL) scam were themselves businessmen and were looking at investment as “money yielding safe returns”, the Bombay High Court on Friday granted bail to Jignesh Shah, promoter of Financial Technologies (India) Limited (FTIL), the holding company of NSEL.

Justice AM Thipsay said the transactions in question were being entered through brokers who had knowledge of the commercial market.

“Going by the broad probabilities of the case, it cannot be accepted that the persons who are now crying foul, were not aware of the fact that their transactions were not genuine. They were looking at these transactions clearly as an investment of their monies yielding safe returns,” the court said.

Shah, has spent 104 days in custody after being arrested on May 7, 2014. Justice Thipsay imposed cash surety of Rs 5 lakh and asked him to furnish another surety within a period of two weeks.

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