The Central Bureau of Investigation (CBI) has taken four-day custody of former Mumbai Police Commissioner Sanjay Pandey. The development comes in connection with the alleged illegal phone tapping of NSE employees by his information technology firm, officials said on Saturday.
The alleged fraud against Pandey relates to manipulation of the stock market through electronic contrivances.
Sanjay Pandey was already in the Enforcement Directorate (ED)’s custody in connection with probes against him. The ED had arrested Pandey on 19 July.
The CBI approached a special CBI court in national capital Delhi seeking his custody in connection with the tapping case which was granted for four days during which he will be interrogated by the agency, the officials said.
In addition to Pandey and former MD and CEO of NSE Chitra Ramkrishna, the CBI has also named another former NSE CEO and MD Ravi Narain in the case.
The former Mumbai Police top cop is facing two ED and Central Bureau of Investigation (CBI) FIRs – illegal interception of phones of NSE employees by iSec Services Private Ltd, a company founded by him, and violation of Securities and Exchange Board of India guidelines in conducting NSE’s system audit.
This firm was one of the firms tasked with conducting a security audit of NSE between 2010-2015, when the exchange systems were compromised to give benefit to few brokers.
Established in 2001, iSec Services Pvt Ltd was one the IT companies that conducted security audits at NSE from 2010 to 2015, when the co-location scam supposedly took place. The CBI has been investigating the company because it believed that the security audit firm should have been able to detect breaches in the NSE system when the scam occurred.
The former IPS officer had incorporated the company after resigning from service but his resignation was not accepted.
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