CBI books Jignesh Shah, 10 others in Rs 137-cr fraud case

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Mumbai, March 23 (IANS) The CBI on Friday registered a fresh case against former MCX Managing Director Jignesh Shah and 10 others for allegedly facilitating nationwide multi-exchange status for the Multi Commodity Exchange of India Ltd (MCX).

Four former chairmen of the Forward Market Commission (FMC) and six others have also been named in the FIR filed by the Central Bureau of Investigation (CBI).

“Shah and the rest are accused of facilitating MCX in getting the status of nationwide multi-commodity exchange even though it was not fulfilling stipulated criteria,” a CBI official said.

The CBI also said that Shah and his company illegally retained shares beyond the permissible 26 per cent till 2012 and thereby derived wrongful gains of Rs 137 crore by selling 26,41,715 excess shares at a rate of Rs 1,032 per share.

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Shah is already facing CBI probe in various other cases.

Besides Shah, the other accused named by the CBI include MCX Deputy MD Joseph Massy and then Deputy Director of Market Commission Vishal Nair.

Besides, four former FMC chairmen — Bishnu C. Khatau, Kewal Ram, Anand Kumar Bhatt and Rajeev Kumar Agarwal — and two senior research assistants Bhimrao Raibhole and Ujwala Thathare have also been named by the investigating agency.

The CBI sleuths carried out searches at nine residential and office premises of the accused in Mumbai, Shimla and Gwalior and recovered several incriminating documents.



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