New Delhi- The Department of Enforcement has arrested Ravi Narain, Managing Director and former CEO (MD and CEO) of National Stock Exchange of India Limited (NSE), in a money laundering case involving illegal phone wiretapping and snooping on NSE employees.
On July 14, the Anti-Money Laundering Agency filed a criminal case against him, former NSE chief Chitra Ramakrishna, and former Mumbai Police Commissioner Sanjay Pandey under criminal sections of the Prevention of Money Laundering Act (PMLA).
The trio had previously been arrested by the Central Bureau of Investigation (CBI) for allegedly wiretapping NSE employees between 2009 and 2017.
Naren’s arrest comes just a week after Special Prosecutor NK Mata testified in a Delhi court that he conspired with other defendants to defraud NSE and its employees. PTI news agency quoted Mata as telling the court that they worked with iSEC Services Pvt Ltd, a company linked to Pandey, to illegally intercept phone calls of exchange employees under the guise of conducting a periodic study of cyber vulnerabilities at NSE.
Naren served as CEO of NSE from 1994 to 2013, and Chitra was CEO between 2013 and 2016. Unfair access to a group of high-frequency traders in order to accelerate algorithmic trading.