Bombay high court tells EOW to submit more proof before deciding on Jignesh Shah's bail

The Bombay high court on Tuesday directed the Economic Offences Wing (EOW) to submit additional evidence it had included in the charge sheet against Jignesh Shah before it decides on the latter's bail plea. On August 4, the EOW had filed an over 9,000 page charge sheet in the trial court.

Shah has been under arrest since May 7 in connection with a Rs 5.5 crore fraud at the National Spot Exchange Ltd (NSEL). An FIR was lodged on September 30 by the EOW against Shah and several others, charging them with cheating, forgery, breach of trust and criminal conspiracy among other offenses.

While adjourning the hearing to August 11, Justice Abhay Thipsay said, "It would be better if you highlight the additional evidence which has not been brought before the court so far. This will help us decide on the application."

The spot commodity bourse, promoted by the Shah-led Financial Technologies (FTIL), is struggling to settle Rs 5,600 crore dues it owes over 200 member brokers representing 13,000 investor clients. The EOW has invoked the Maharashtra Protection of Interest of Depositors Act, which empowers the police to attach immovable assets of the accused.