Two days after Mumbai Police attached his properties, Jignesh Shah, director of the beleaguered National Spot Exchange Ltd, on Thursday told investigators that he was making "relentless" efforts to recover money from defaulters.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
About Rs 5,600 crore (Rs 56 billion) of investments of some 13,000 investors are stuck in NSEL. Despite reports from several internal committees of regulators and investigative agencies pointing to fraudulent activities, there hasn't been any substantial enforcement action against the exchange or the officials.
In yet another setback to it, the National Spot Exchange Ltd on Monday saw non-executive chairman Shankarlal Guru and another director quit, blaming 'bad people' in the management team for the crisis at NSEL.
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