HomeNATIONFormer NSE CEO Ravi Narain arrested in money laundering case

Former NSE CEO Ravi Narain arrested in money laundering case

In connection with alleged illegal Phone tapping and snooping of a National Stock Exchange (NSE) employee, the Enforcement Directorate on Tuesday arrested NSE’s former chief executive officer (CEO) Ravi Narain in a money laundering case.

From. April 1994 to March 31, 2013, Narain was the MD and CEO of NSE. After that from April 1, 2013, to June 1, 2017, he was appointed vice-chairman, in a non-executive category on the company’s board.

The CBI detained former NSE CEO Chitra Ramkrishna on March 6 in connection with a co-location scam case that was originally filed in May 2018. On July 14, the ED detained her about the phone tapping case.

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According to those familiar with the situation, the ED reported on illegal phone tapping to the Union home ministry before referring the case to the Central Bureau of Investigation (CBI), which in June filed a criminal conspiracy case against former Mumbai police commissioner Sanjay Pandey, Ramkrishna, and Narain.
The ED filed charges against them under the Prevention of
Money Laundering Act (PMLA) based on the CBI’s FIR.

The arrest of Ravi Narain comes after N K Matta, the Special Public Prosecutor for the ED, claimed in court in Delhi that Narain and other accused had planned to defraud the NSE and its workers, Narain was arrested a week later. According to Matta, who testified before the bench, they hired iSEC Services Pvt Ltd, the Pandey-affiliated company, to illegally intercept the phone calls of exchange personnel as part of routine analysis of NSE’s cyber vulnerabilities.

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