The designated judge of Maharashtra Prevention of Investors Deposits Act Court D P Surana, had on June 24 rejected Shah's bail on the ground that investigation is still on and that if Shah was released on bail, it is likely that he may tamper with evidence or hamper probe.
Being aggrieved, Shah moved the High Court last week in a petition filed through lawyer Aniket Nikam. It is expected to come up for hearing in due course. Shah challenged the grounds on which his bail has been rejected.
He contended that after his arrest in this case on May 7, he had helped the investigating agency by supplying all documents and disclosing all information within his knowledge. So, there was no question of tampering with evidence or hampering probe as had been held by the trial court.
Moreover, Shah argued that he was not involved in the alleged scam as he was a non-executive director of National Stock Exchange Ltd (NSEL) and was not involved in its day-to-day operations.
Shah had come under the scanner of Economic Offences Wing and other agencies last year when NSEL, part of the Financial Technologies (India) Limited founded by Shah, faced a payment crisis as nearly 18,000 of its investors allegedly lost millions of rupees.
Lawyer Aniket Nikam said, "Petition has been filed in the High Court to seek bail for Jignesh Shah." Nikam has appeared in many high profile cases such as Adarsh housing scam and Jalgaon housing scam.