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Updated July 19th, 2022 at 21:03 IST

Former Mumbai CP Sanjay Pandey arrested by ED in NSE co-location phone tapping case

The Enforcement Directorate (ED) arrested former Mumbai Police Commissioner Sanjay Pandey in connection with National Stock Exchange (NSE) co-location scam.

Reported by: Sudeshna Singh
Sanjay Pandey
Image: Republic | Image:self
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In a massive development, the Enforcement Directorate (ED) has arrested former Mumbai Police Commissioner Sanjay Pandey in connection with National Stock Exchange (NSE) co-location scam case on Tuesday.

The ED had earlier found that a firm linked to former Mumbai Police Commissioner Sanjay Pandey allegedly tapped the phones of as many as 91 office-bearers of NSE. In March 2001, Sanjay Pandey had incorporated a company called iSec Securities Pvt. Ltd which conducted a security audit of NSE, allegedly at the directions of managing director and CEO Chitra Ramkrishna and Ravi Narain, around the time when co-location irregularities purportedly took place.

Earlier in the day, Republic TV confronted Mumbai's ex-top cop over the alleged links of his firm iSec Securities Pvt. Ltd to the case. When the channel questioned whether business journalist Sucheta Dalal introduced his firm to NSE's Chitra Ramkrishna, and Ravi Narain, Sanjay Pandey ducked the questions. 

ED, CBI file 2 fresh cases against Sanjay Pandey

In a big blow to Sanjay Pandey, two more cases were registered against the former Mumbai Police Commissioner, NSE's Chitra Ramkrishna, and Ravi Narain in connection with the illegal phone tapping case and co-location scam on Monday. One case in relation to which the arrest has been made was registered by the ED, while the other was lodged by the CBI. 

According to sources, despite Pandey’s firm iSec Securities Pvt. Ltd not having the expertise to audit the brokers asked by NSE, subcontracted it to small-time audit firms or CAs and paid them around Rs 5,000 each to carry out the audits. Pandey’s firm was paid Rs 12.5 crore in all by NSE to audit the bourse. This includes Rs 4.45 crores paid for allegedly ‘snooping on its employees’. In connection with these allegations, the CBI has filed its third FIR against Pandey, Ramkrishna, and Narain while the ED has filed an ECIR. 

The 1986-batch IPS officer who retired on June 30 also served as acting Maharashtra Director General of Police from April 2021 to February 2022.

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Published July 19th, 2022 at 20:29 IST

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