Jignesh Shah – The Rise and Fall of an Ambitious Entrepreneur

In July 2016, Jignesh Shah (Shah), founder of India-based financial services company, Financial Technologies India (FTIL), was arrested for leading the Ponzi scheme involving the National Spot Exchange Ltd (NSEL) that resulted in massive losses to many investors. India’s law enforcement and economic intelligence agency, the Enforcement Directorate (ED), took Shah into judicial custody under the Prevention of Money Laundering Act (PMLA), for not cooperating with the investigation.

Shah, son of an iron and steel trader in Mumbai, India, wanted to become a billionaire by 40. He accomplished the feat at 41, just a year later. After completing his engineering in the Electrical and Electronics branch, Shah started his career at the Bombay Stock Exchange (BSE), where he worked on a software product that facilitated financial trading. After the short stint with BSE, Shah launched his own company – FTIL in 1988. From 2003, Shah launched a series of stock exchanges, which included the MCX, a multi-commodity bourse under the banner of the National Spot Exchange Ltd (NSEL). In a few years, Shah set up exchanges in various countries that included Singapore, Bahrain, Dubai (UAE), Mauritius, and Botswana. ...