ED probe finds firm linked to former Mumbai CP ‘holds 91 NSE workers’

The Enforcement Directorate (ED) has found that a firm linked to former Mumbai Police Commissioner Sanjay Pandey had nabbed over 91 office-bearers of the National Stock Exchange (NSE) at the behest of its then managing director Chitra Ramakrishna, sources said.

The agency on Thursday booked Pandey and arrested Ramakrishna in a money laundering case linked to the alleged phone tapping.

“We are interrogating Ramakrishna as the taping was done by Pandey’s company on his orders. We want to know the motive behind tapping the phones of so many NSE office-bearers,” said an ED official.

Sources said the agency has received documentary and electronic evidence showing that the phones of 91 NSE employees were tapped by Pandey’s company iSec Services Pvt Ltd. Information about stocks and performance of NSE.

iSec services were incorporated in March 2001 Pandey was not at work then He stepped down as director in May 2006, his mother Santosh and son Armaan became directors.

“However, Pandey was running the company all along. Almost all correspondence between iSec and senior officials of NSE is through Pandey’s email ID,” said another ED official.

The agency had on July 5 questioned Pandey in connection with the 2018 case of alleged rigging of the NSE – a separate case in which some brokers were alleged to have profited by manipulating the co-location facility of the bourse in collusion with the leading NSE. officials

The current ED case is based on a CBI FIR registered recently against Pandey, his company and Ramakrishna, among others.

Seeking Ramakrishna’s remand on Thursday, ED told the court of special judge Sunena Sharma that Ramakrishna and NSE officials, including iSec representatives, had agreed to pay Rs 4.54 crore to iSec for phone tapping.

“The work orders/agreements/agreements were processed by Chitra Ramakrishna during her tenure as Deputy Managing Director and Managing Director of NSE. During the entire period of offense i.e. from 01.01.2009 to 13.02.2017, Ms. Chitra Ramakrishna was holding the post of Deputy Managing Director (upto 2010) or Joint Managing Director (upto 2013) or Managing Director (upto December, 2016). NSE,” the ED told the court.

It also alleges that there is evidence to show that Isaac’s work lasted for Bors for almost the same period of Ramakrishna’s tenure.

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“It is further proved that after he left the post of Managing Director of NSE in December, 2016, the contract for the so-called ‘Periodic Study of Cyber ​​Vulnerabilities of NSE’ expired on 13.02.2017 and sometime thereafter. was not renewed, thus proving that the illegal activity was co-extensive with his holding the original post as Joint Managing Director/Managing Director of NSE,” the ED said.

The ED told the court that it had collected “monitoring reports for call logs” and “sanction notes of NSE” on the pretext that the phones were tapped, the approval given by Ramakrishna for the so-called ‘periodic study of cyber vulnerabilities’.

Ramakrishna’s lawyer, Arshdeep Singh, opposed the ED’s plea for remand saying that the case was based on documents already in the possession of the agency and that it had earlier questioned Ramakrishna and had sufficient time to cross-examine him on the matter.

The court, however, granted Ramakrishna four days in ED custody.

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