ED finds ex-CP Mumbai firm ‘spied on 91 NSE employees’

The Law Enforcement (ED) Directorate has discovered that a company linked to former Mumbai Police Commissioner Sanjay Pandey had spied on up to 91 members of the National Stock Exchange (NSE) office on the instructions from its then chief executive, Chitra Ramkrishna, sources said.

The agency on Thursday booked Pandey and arrested Ramkrishna in a money laundering case related to alleged wiretapping.

“We are interviewing Ramkrishna as it was on his instructions that the tapping was done by Pandey’s company. We want to know the motive behind the tapping of the phones of so many NSE office staff,” an ED official said.

Sources said the agency found documentary and electronic evidence showing that the phones of 91 NSE employees had been tapped by Pandey’s company, iSec Services Pvt Ltd. According to these sources, the agency found transcripts and voice recordings – most of the conversations relate to information about stocks and the operation of the ESN.

iSec Services was incorporated in March 2001. Pandey was not in service at that time. He left the post of manager in May 2006, with his mother Santosh and son Armaan becoming managers.

“However, it was Pandey who ran the company from the start. Almost all correspondence between iSec and senior NSE officials is done through Pandey’s email id,” another ED official said.

The agency had questioned Pandey on July 5 in connection with the alleged 2018 NSE manipulation case – a separate case in which some brokers allegedly made windfall profits by manipulating the exchange’s co-location facility in collusion with NSE . officials.

The current ED case is based on a recently filed CBI FIR against Pandey, his company and others including Ramkrishna.

Seeking Ramkrishna’s dismissal on Thursday, ED told Special Judge Sunena Sharma’s court that a payment of Rs 4.54 crore to iSec for wiretapping had been agreed by NSE officials, including representatives of Ramkrishna and iSec.

ED told the court: ‘Work orders/contracts/agreements were handled by Chitra Ramkrishna during her tenure as Deputy Managing Director and Managing Director of NSE. Throughout the duration of the infringement, i.e. from 01.01.2009 to 13.02.2017, Ms Chitra Ramkrishna held the position of Deputy Director General (until 2010) or Co-Director General (until 2013 ) or CEO (until December 2016) of NSE. »

He also alleged that there was evidence showing that iSec’s work for the scholarship lasted around the same time as Ramkrishna’s passing.

“It is further revealed that after leaving the position of General Manager of NSE in December 2016, the contract for the so-called “periodic study of NSE’s cyber vulnerabilities” expired on 13.02.2017 and never was subsequently renewed, thus proving that said illegal activities coincided with her key position as co-CEO/CEO of NSE,” ED said.

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