New Delhi: The Enforcement Directorate (ED) on Tuesday arrested the NSE’s former CEO and Managing Director Ravi Narain in connection with the Prevention of Money Laundering Act case pertaining to phone tapping of the bourse’s employees between 2009 and 2017.
An ED official said that there was need to arrest Narain so that he could be interrogated.
“Money was laundered in the phone tapping matter. The payments made in the phone tapping is alleged proceeds of crime. There are shell companies. We want to know who was handling the entire operation,” the ED had said.
NSE’s former CEO and MD Chitra Ramkrishna and former Mumbai Police Commissioner Sanjay Pandey were placed under arrest in the case by the agency in July.
The ED has claimed that Pandey received Rs 4.54 crore to tap the MTNL line to help Ramakrishna.
Pandey had said that he had tapped the phone lines but didn’t do anything illegal. He said that all the equipment for tapping were made available by the NSE.
“Pandey ran iSec Securities Pvt. Ltd. It has been alleged that Ramkrishna used this firm to tap the phone of NSE’s employees. The phone calls made by NSE employees between 9 a.m. and 10 a.m. were tapped and recorded by iSec Securities Pvt. Ltd. It has been alleged that Pandey helped in tapping the phone calls illegally,” a source had said.
Pandey was confronted with Ramakrishna in this respect.
The ED’s case is on the basis of the CBI’s FIR, lodged by it on the directions of Union Ministry of Home Affairs.