The founder of 63 Moons Technologies Limited, formerly known as Financial Technologies (India) Limited, Jignesh Shah is one of the most successful entrepreneurs in the country. The net worth of Mr. Shah is estimated to be 610 million dollars. Starting from a scratch, the man built his empire with strong determination and will power. He once worked at the Bombay Stock Exchange (BSE). Through sheer hard work, he climbed the ladder of success and made it to the millionaire list of India. To date, his exchange, Financial Technologies (India) Limited (FTIL) remains as one of the most successful initiatives in the Indian financial markets.
When the Indian stock market was manipulated and controlled by only a few individuals in power, they earned enough profit owing to the monopoly. However, when Jignesh Shah came up FTIL, the monopoly of the market was shattered. FTIL designed multiple solutions for various sectors and helped them to grow and develop immensely. Further, Shah launched many exchanges both in India and overseas after the success of FTIL. These exchanges brought in many opportunities and facilitated many international trade routes.
In his path of developing the nation and empowering the people of the nation, Jignesh Shah created enormous job opportunities for the youth. However, his efforts were not welcomed by everyone in the same way. He faced many barriers curated by the people who took advantage of the monopoly in the market. National Spot Exchange Limited (NSEL), one of Shah’s exchanges, faced a huge payment default of Rs 5600 crore in 2013. Subsequently, many investors, defaulters, brokers and administrators came under the radar of probe agencies. Soon after the news broke out, the regulatory bodies barred NSEL from launching any further contracts that eventually lead to its abrupt shutdown.
Including Jignesh Shah, some of the key people of the exchange were brought in for questioning. The Economic Offences Wing of Mumbai Police asked Jignesh Shah repeatedly to visit the police station and help to track down the money. However, after visiting nearly 21 times, he was detained under the ground of non-cooperation on May 7th.
Jignesh Shah’s arrest was a shock as no substantial evidence is found against him to date. Later, a whistleblower revealed that people from the top administration ordered Jignesh Shah’s arrest. Although the identity of the person is unknown, sources tell he had connections with Dr. K. P. Krishnan. Gradually, more information came to light. Right before Shah’s arrest, the EOW boss Rajvardhan Sinha and a lieutenant of Dr. K. P. Krishnan had a meeting. What brought him all the way to Mumbai? What were they discussing? What was suddenly Jignesh Shah arrested? Many questions remain unanswered.
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