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ED arrests former NSE chief Ravi Narain in phone tapping case

After Sanjay Pandey and Chitra Ramkrishna, this is the third high profile arrest in the case

September 07, 2022 03:22 am | Updated 05:17 am IST - NEW DELHI

The Enforcement Directorate on Tuesday arrested former National Stock Exchange (NSE) managing director Ravi Narain in connection with the alleged illegal phone tapping of the Exchange’s employees during 2009-17, according to a senior agency official.

In July, the ED had arrested former Mumbai Police Commissioner Sanjay Pandey in the same case. Another former NSE managing director, Chitra Ramkrishna, was also taken into custody for recording her statement.

The ED investigation is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) on July 7.

Besides Mr. Pandey, Ms. Ramkrishna and Mr. Narain, the NSE’s then executive vice-president Ravi Varanasi and head (Premises) Mahesh Haldipur, Delhi-based iSec Services Private Limited and its functionaries were named as accused in the CBI case. As alleged, iSec Services was set up by Mr. Pandey in March 2001. He had later resigned from the company.

“It was alleged that during 2009-17, then MD [Mr. Narain], then DMD [Ms. Ramkrishna], then executive vice-president and then head (Premises) of the NSE and the private company conspired to illegally intercept the telephones of NSE employees,” according to the CBI. iSec Services was purportedly engaged under the garb of conducting a “periodic study of cyber vulnerabilities” at the NSE.

The company, iSec Services, is under the scanner in a separate case related to the irregularities in the security audit of some stock brokers who used algorithmic trading systems.

Mr. Ramkrishna was previously arrested by both the agencies in the co-location and algorithm scam.

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