gfiles magazine

March 19, 2014

GOVERNANCE | Another trade to dupe? | By Neeraj Mahajan

scam jignesh shah

Another trade to dupe?

Jignesh Shah got a head start when the Government of India arbitrarily lifted the 33 year ban on commodity futures—against expert advice in 2003. He then managed to use the opportunity to decimate everyone in his path to control most of India’s assets: equities, stock exchanges, agricultural commodities, derivatives, power, gold, silver and currency. This was until the bubble burst. Now, of course, half his designations are useless. He is an alien in most of the companies he started. Neeraj Mahajan analyses the fall of the titan.

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