 Thus, though projected a 'scam of Rs.5600 crores', the ill-gotten amount has not gone to the applicant (Jignesh Shah) or for that matter, to NSEL.’

Even the investigating agencies including the Enforcement Directorate (ED) and the Economic Offences Wing (EOW) of the Mumbai Police have traced the entire money trail of Rs.5,600 crore to the 24 defaulters.Not a single paisa has been found with NSEL, FTIL or its founder.On August 5, 2016, in a written reply in Lok Sabha, the then Union Minister of State in Finance, Shri Arjun Ram Meghwal also stated that ‘The entire amount which is gone to the brokers and defaulters belong to the 13,000 investors.’ 


In the NSEL crisis, big brokers have many irregularities by mis-selling the products, misrepresenting the facts and manipulating the KYC and modifying the client code.