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In the latest development on the controversy surrounding scam-hit National Spot Exchange (NSEL), a metropolitan magistrate here told police to register a fresh case against Jignesh Shah and other present and past executives of Multi Commodity Exchange (MCX), for alleged diversion of Rs 900 crore of NSEL funds into other ventures.
Based on a forensic audit done by consultancy PwC, Ketan Shah, an individual investor in NSEL, had filed a petition in the court of the magistrate last year. Referring to the PwC report, the petition alleged Rs 900 crore of NSEL fund diversion in Jignesh Shah's other ventures.
Officials against whom the magistrate asked for registering a complaint include Venkat Chary, chairman of Financial Technologies (earlier parent of NSEL); Joseph Massey, past managing director of MCX; Paras Ajmera, a senior official linked with FTIL, and Manjay Shah, Jignesh Shah's brother.
