Addressing the media, Raj Vardhan Sinha, Additional Commissioner of the Economic Offences Wing (EOW), said that the EOW has found that Shah approved all contracts, adding that Javalgekar was arrested as he controlled IBMA finances.
Mumbai Police on Wednesday arrested Financial Technologies promoters Jignesh Shah and Shreekant Javalgekar in NSEL case after hours of questioning.
Addressing the media, Raj Vardhan Sinha, Additional Commissioner of the Economic Offences Wing (EOW), said that the EOW has found that Shah approved all contracts, adding that Javalgekar was arrested as he controlled IBMA finances.
IBMA is a subsidiary of MCX 's sister firm National Spot Exchange (NSEL), which was involved in a Rs 5,600-crore payments fraud.
Sinha said Javalgekar was in criminal conspiracy with other accused and felt that both him and Shah shifted the blame to Anjani Sinha.
He further said that Shah did not give satisfactory answers during interrogation
Mumbai EOW has so far made 11 arrests in the case under the Maharashtra Protection of Interest of Depositors (MPID) Act and has secured properties worth Rs 5,100 crore across India.
Sinha said the arrests have been made as Shah and Javalgekar were found to be trying to shirking their responsibilities and has got nothing to do with PwC audit findings or MCX.
Mumbai EOW said the probe will go on till everyone involved is brought to book.
Financial Tech stock price
On May 07, 2014, Financial Technologies closed at Rs 291.25, down Rs 8.7, or 2.9 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.50.
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