Why wasn't Shah informed of asset freeze, court asks EOW

The Bombay high court on Wednesday rapped the economic offences wing (EOW) of the Mumbai Police for not informing Jignesh Shah, chairman of Financial Technologies, about his assets being frozen.

Hearing the case filed by MMTC, the court had summoned Shah and EOW officials to clear the air over Shah’s frozen assets. EOW was found to have not duly informed Shah.

EOW has frozen several immovable assets of Shah in connection with the Rs 5,500-crore payment default by National Spot Exchange Ltd. EOW had summoned Shah on Wednesday and he was present.

EOW will shortly probe brokers who allegedly mis-sold NSEL contracts. Notices had already been sent to about 200 brokers involved in trading activities on NSEL, said an official.