It may well be a shock to many and a horrific surprise to others to know that a leading journalist had stumbled upon the NSEL Scam a good one year before the Empty Warehouses were unveiled in the public eye after FMC forced Jignesh Shah promoted spot exchange to stop trading in fictitious commodities. The name of this leading journalist would be an even bigger shock, if and when it comes out in the open.
As the story goes, a chain of emails were found in the email account of former CEO Anjani Sinha, who once was the top henchman of Jignesh Shah to perpetuate the scam which cost 13000 investors a whooping Rs 5600 crore. An amount which still remains to be recovered from the mastermind of the scam, which virtually necessitates a forced merger between NSEL and Financial Technologies to get access to the reserves of Jignesh Shah’s flagship firm to repay the investors.
It is said that the eminent journalist known to break scams did have the details of every wrongdoing at NSEL. The chain of emails supposedly carry queries sent by the journalist to the ex-CEO of NSEL dating sometime towards mid-2012. As per estimates the NSEL Scam would have been worth around Rs. 3000 crore, if it would have been exposed an year ahead of its imminent discovery. According to a highly reliable source, the journalist had accurate details on the workings of the shady subsidiary Indian Bullion Merchants Association (IBMA) which was also being used as a vehicle to take calculated positions on MCX to make windfall gains. It is not clear whether the eminent scribe had information that the profits being created using IBMA were pilfered through a maze of companies by the scamsters.
Somehow, after a serious of mail exchanges, the trail went cold. Apparently, one of the accused in the NSEL Scam who was arrested disclosed that a meeting was held between this leading journalist, Jignesh Shah and Anjani Sinha at Taj LandsEnd – a 5 star hotel in Mumbai. The result of the meeting was a long-drawn silence from the publication of this leading journalist. Alas if this journalist had exposed the wrongdoings at NSEL a year ahead, it may have saved close to Rs. 2600 crore of investor wealth and added another feather to the eminent scribes hat too. It was not to be… But the mail trail between Anjani Sinha and the leading scribe does exist in some files that are getting covered with layers of dust as the clock ticks everyday…day after day…