INDIA: The Enforcement Directorate arrested former National Stock Exchange of India Limited (NSE) CEO and MD Ravi Narain in a cash laundering case.

His position is being investigated by the Federal Bureau of Investigation in two felony instances linked to the trade, an alleged co-location “fraud” and alleged unlawful wiretapping of workers.

– Advertisement –

Narain is believed to have been arrested in a wiretapping case below penal sections of the Prevention of Money Laundering Act (PMLA). Narain will probably be produced earlier than a particular courtroom on Wednesday for remand.

The ED had earlier arrested one other former NSE MD and CEO Chitra Ramkrishna within the alleged cellphone tapping case, whereas the CBI, which is investigating the instances concurrently, arrested her within the co-location case.

– Advertisement –

The Enforcement Directorate additionally arrested former Mumbai Police Commissioner Sanjay Pandey in a case of alleged unlawful wiretapping.

The ED had in July registered an Enforcement Case Information Report (ECIR) in opposition to former Mumbai Police Commissioner Sanjay Pandey and former NSE chiefs for allegedly tapping the telephones of workers between 2009 and 2017.

– Advertisement –

During the investigation, Pandey was discovered to be intently related to the functioning and actions of an organization known as iSec Securities Pvt Ltd. The firm carried out a safety audit of the NSE on the time of the alleged co-location irregularities.

The firm was based by Pandey in March 2001 and he stop as its director in May 2006. His son and mom took over the administration of the corporate.

This is the second case being investigated by the investigative company, which is investigating alleged violations of cash laundering norms within the co-location rip-off. This is the primary time Narain has been arrested when irregularities on the NSE have been below investigation for 5 years.

Pandey is a 1986 batch Indian Police Service (IPS) officer who retired from service on June 30.

Also Read: Deputy CM Manish Sisodia’s Residence under CBI Radar for Liquor License Case