gfiles magazine

January 7, 2015

Jignesh Shah The end game begins

nsel scam follow-up

Jignesh Shah is selling his stake as he and his company, FTIL, have been declared unfit to run any exchange

The higher you go, the greater your fall. Two, there are no permanent mai-baaps to break your fall each time you land in trouble. These are the biggest lessons to be learned from the fate of businessmen like Subrata Roy, Jignesh Shah, B Ramalinga Raju of the Satyam group, Shahid Balwa of DB Realty, Sanjay Chandra of Unitech Wireless and Vinod Goenka of Swan Telecom.

The end game has begun. Shah is going to withdraw from the stock exchange business he painstakingly created, but not before the Economic Offences Wing of the Mumbai police filed a 9,360-page chargesheet against him in the Rs. 5,574-crore fraud at the National Spot Exchange Ltd (NSEL).

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