NSEL scam: Jignesh Shah, Javalgekar get judicial remand

A sessions court today remanded MCX promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar in judicial custody till May 31 in connection with the alleged Rs 5600-crore (Rs 56 billion) NSEL payment scam. 

The duo were arrested in the alleged fraud case on May 7.  

The court is likely to hear their bail applications on May 22.   

Meanwhile, Shah moved another application saying that he should be kept in a separate cell as he faces threat from other accused arrested in the case. 

The court, later in the day, allowed his application.  

Shah had blamed National Spot Exchange Limited (NSEL) former CEO Anjani Sinha in connection with the alleged fraud.  

Shah came under the scanner of the Economic Offences Wing (EOW) 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. A first-generation entrepreneur, he founded FTIL Group in 1999.