A Delhi Rouse Avenue court on Wednesday sent former National Stock Exchange (NSE) CEO Ravi Narain to a two-day remand in a money-laundering case.
He was arrested by the Enforcement Directorate (ED) on Tuesday in connection with a money laundering case related to the alleged illegal phone-tapping of the exchange’s employees. Special Judge Sunena Sharma on Wednesday allowed the ED plea seeking a two-day remand of Ravi Narain. The ED also informed the court that the charge sheet is likely to be filed by September 9, 2022, in the NSE money laundering case. The third person arrested by the ED in the case is Ravi Narain. Earlier, the ED had arrested Chitra Ramkrishna (also a former CEO of NSE) and former Mumbai Police Commissioner Sanjay Pandey on the case. Advocate Naveen Kumar Matta appeared for ED.
The Central Bureau of Investigation (CBI) had recently also registered a fresh FIR in the NSE Co-Location Case over the allegations of phone tapping.Following the orders of the Ministry of Home Affairs (MHA), the Central Bureau of Investigation (CBI) registered a case in the alleged National Stock Exchange (NSE) co-location scam that involved the phone tapping of NSE employees.The FIR mentioned the names of former NSE Chief Chitra Ramakrishna, Ravi Narain, and former Mumbai Commissioner Sanjay Pandey for allegedly tapping the phones of NSE officials and other irregularities.
Pandey is a 1986-batch Indian Police Service (IPS) officer who retired from service on June 30. During the investigation, it was found that Pandey is closely related to the functioning and activities of a company called iSec Securities Pvt. Ltd. The company had conducted a security audit of NSE around the time the alleged co-location irregularities had taken place.