Money laundering case: ED summons former Mumbai Police Commissioner Sanjay Pandey
Sanjay Pandey, a 1986 batch IPS officer, will have his statement recorded before the ED at its Delhi-based headquarters, as per the order issued by the federal agency.
FollowThe Enforcement Directorate (ED) has summoned former Mumbai Police Commissioner Sanjay Pandey to join the investigation into the NSE co-location scam. According to the order issued by the federal agency, Pandey, a 1986 batch IPS officer, will have his statement recorded before the ED at its Delhi-based headquarters.
Pandey, who retired on June 30, 2022, founded an IT audit firm in 2001. Later, he named his son and mother directors of the company.
Know about the case,
Between 2010 and 2015, a company called Isec Services Pvt Ltd was awarded an IT audit contract for NSE servers and systems, but it did not detect any violations.
Because of the breach, one of the trading companies gained unfair access to the system, resulting in windfall profits.
The National Stock Exchange (NSE) co-location case concerns a co-location facility provided by the NSE through which brokers could place their servers within the stock exchange premises, allowing them faster access to the markets.
The Central Bureau of Investigation (CBI) filed its first charge sheet in the case in April against Chitra Ramkrishna, the former CEO of the NSE, and Anand Subramanian, the NSE's ex-Group Operating Officer. The CBI arrested Subramanian on February 24, while Ramkrishna was arrested on March 6.
The SEBI recently fined her Rs 3 crore after the market regulator discovered that she allegedly shared vital NSE inputs with the yogi. Sources stated that the Ramkrishna shared information with the yogi about the organization's structure, dividend scenario, financial results, human resource policies and related issues, response to the regulator, and so on. Between 2014 and 2016, she sent emails using the email address rigyajursama@outlook.com.
On April 1, 2013, Ramkrishna was appointed CEO and MD of NSE. In 2013, she hired Subramanian as her advisor at NSE. NSE appointed Subramanian as Chief Strategic Advisor. He held this position from 2013 to 2015 before being promoted to Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no prior experience in the capital market.
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