The CBI is conducting fresh raids across the country on the orders of the Ministry of Home Affairs regarding the former NSE chief Chitra Ramakrishna case. A new FIR has been filed against Chitra and former Mumbai Police Commissioner Sanjay Pandey. The investigation is being done in Mumbai and Pune and other cities regarding this.
CBI sources said that this new case has been registered for illegal tapping of phones of National Stock Exchange (NSE) officials and other irregularities.
ED had questioned former police commissioner Sanjay Pandey
Earlier on July 5, former Mumbai Police Commissioner Sanjay Pandey appeared before the ED in the money laundering case related to the co-location scam of NSE. Officials said Sanjay Pandey was called for questioning in the National Stock Exchange co-location scam. He had appeared at the ED office in Delhi. His statements were recorded under the PMLA Act. 1986 batch IPS Sanjay Pandey's tenure as Mumbai Police Commissioner was in a lot of controversies. He retired on 30 June. Three days after this, he was summoned by the ED by sending summons.
the audit is done by the own company
Sanjay Pandey had created an audit company in the Chitra Ramakrishna case. This company belonged to Pandey only. Officials said that the questioning of Sanjay Pandey pertains to the working and activities of his company Isec Securities Pvt Ltd. The agency has already recorded the statement of former NSE managing director and chief executive officer Chitra Ramakrishna in this matter. Ramakrishna is currently lodged in Tihar Jail. He and the group's former operating officer Anand Subramaniam were arrested by the Central Bureau of Investigation (CBI) in March in the NSE co-location scam case.
What is a co-location scam?
Some brokers of the country's major National Stock Exchange, the center of share buying and selling, were given such a facility so that they could get information about the prices of shares earlier than the rest. By taking advantage of this they were making huge profits. This was probably violating the demutualization and transparency-based framework of the NSE. They were given direct access by co-locating the server with the help of rigged insiders. The Securities and Exchange Board of India received undisclosed information in this regard. It was alleged that some brokers with the help of NSE officials were already taking advantage of the information. Considering the boom in NSC buying and selling, the amount of scams is estimated to be Rs 50,000 crore in five years.
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