ED arrests former NSE MD and CEO Ravi Narain in money-laundering case
NEW DELHI: The Enforcement Directorate (ED) on Tuesday arrested former MD and CEO of National Stock Exchange, Ravi Narain, in a money laundering case related to alleged illegal phone tapping and snooping on stock exchange employees.
Narain was the MD and CEO of NSE from April 1994 to March 31, 2013. Thereafter, he was appointed as the vice-chairman in a non-executive category on the company’s board from April 1, 2013, to June 1, 2017.
The ED had registered an Enforcement Case Information Report (ECIR) in July against former Mumbai Police commissioner Sanjay Pandey and former heads of the NSE for allegedly tapping the phones of employees between 2009 and 2017.
This is the second case being probed by the ED about alleged violation of money laundering norms in the co-location scam. Pandey and former NSE chief Chitra Ramkrishna were arrested in July this year in the case. Ramkrishna was earlier arrested by the CBI in March this year in the co-location case. Pandey’s company, ISec Services, formed in 2001, was among the many IT firms that conducted security audits at NSE between 2010 and 2015, when the co-location scam allegedly took place. The agencies have found that interception was done without employees’ consent.