The personal bank accounts (of Shah and Massey) were frozen on Day One itself, said Rajvardhan Sinha, ACP (EOW), Mumbai Police. Another EOW official said the investigators were going through bank records to find if money from the NSEL fiasco made its way to the bank accounts of Shah and Massey.
Jignesh Shah is chairman & group CEO of Financial Technologies which owns NSEL, while Joseph Massey was the CEO of FTIL-promoted MCX-SX.
On Wednesday, there were conflicting reports on the status of the bank accounts of Shah and Massey, with some suggesting that accounts had not been frozen. The EOW, however, confirmed that their accounts were frozen early this month as part of the 58 accounts that were frozen after the registration of the first information report (FIR) on September 30.
An NSEL spokesperson, however, said the exchange was not aware of the developments.
Shah was questioned by the EOW last Friday for nearly seven hours in the presence of Anjani Sinha, former MD & CEO of NSEL, who is already under arrest on charges related to forgery and criminal breach of trust. According to EOW officials, Shah would be called for questioning again in the coming days along with other board members. Wednesday also saw Delhi-based Mohan India one of the largest defaulters reaching an agreement with NSEL to settle its dues over a period of one year.