In March 2018, the CBI raided the house and office of Jignesh Shah (former chairman of Financial Technologies of India Ltd). In April, the government of Maharashtra attached two operational-accounts of the Financial Technologies India Limited (FTIL), now 63 moons technologies. The state government not only froze the accounts but also asked 63 moons to deposit the revenues generated from ODIN into an escrow account.
Shah is also facing multiple court cases. Yet, he is putting all in by evaluating opportunities to invest in startups, which is surely an audacious path full of challenges. With so many issues at hand, Shah is said to be working to realise his dream of creating a better tomorrow. As Shah suggests, “When the truth is on your side, you have to withstand all pressure. I have full faith in the judiciary, and I am convinced of getting justice.”
Jignesh Shah is currently looking for new creative and innovative ideas. He is trying to facilitate the youth and mentor them in building their startups. According to the recent updates on the website of JS Innovation Lab, they are planning to enable ‘digital IP (Intellectual Property) routes’ by setting up 36 innovation labs in partnership with leading educational institutes, connecting global innovation hubs from Silicon Valley to Bengaluru and Tel Aviv to Tianjin. They have been organising multiple conferences to find potential entrepreneurs. But will this attempt be successful in the wake of the NSEL payment default?
Shah is fighting patiently and strategically. History is proof that he fights harder and makes up for the lost time. However, though the allegations haven’t been proven yet, they are substantial and have done more than a little harm to the growth of his business.
In the past, the solutions to come out of his company have been advantageous to the users and he has been a true flagbearer of ‘Make in India’. Investing in Indian startups will only prove to be good for the economy of the country.