Delhi court extends Chitra Ramakrishna’s remand by 4 days in money laundering case

The Delhi Court has extended the remand of former National Stock Exchange (NSE) MD and CEO Chitra Ramakrishna for 4 days. Four-day remand of former National Stock Exchange MD and CEO Chitra Ramakrishna in a money laundering case related to alleged phone tapping and snooping of stock exchange employees.

On July 14, the Enforcement Directorate (ED) arrested the former top boss of the NSE in a money laundering case related to illegal phone tapping and snooping of stock exchange employees.

Special Judge Sunaina Sharma had granted four-day custodial interrogation of Ramakrishna.

The former NSE MD was produced before the court from jail on an order passed earlier by the judge.

The judge had issued a production warrant against the accused on the ED’s plea. After the accused was produced, the ED had taken permission from the court to interrogate him.

Later, the ED arrested Ramakrishna on the grounds of non-cooperation and produced him again in the court and sought nine days’ custodial interrogation.

The ED had registered a case against former Mumbai Police Commissioners Sanjay Pandey, Ramakrishna and Ravi Narayan under criminal sections of the Prevention of Money Laundering Act (PMLA).

A week ago, the Central Bureau of Investigation (CBI) registered a fresh case against former National Stock Exchange of India (NSE) chiefs and former Mumbai Police Commissioner in connection with illegal phone tapping of NSE officials. A case was registered against Chitra Ramakrishna, Ravi Narayan and former Mumbai Police Commissioner Sanjay Pandey.

The case was registered with the CBI on the instructions of the Ministry of Home Affairs. On July 8, the CBI had raided 19 places which included Kota, Lucknow, Pune, Chandigarh, Delhi and Mumbai. The phones were reportedly tapped between 2009-2017.

Former police officer Sanjay Pandey had appeared before the ED in connection with the functioning and activities of a company called ISEC Securities Pvt Ltd. The firm was one of the firms to conduct security audits of NSE between 2010-2015, when the exchange system was compromised to give benefits to some brokers.

Established in 2001, Isec Services Private Limited was one of the IT companies that conducted security audits on the NSE from 2010 to 2015, when the co-location scam allegedly took place. The CBI is probing the company as it believed that the security audit firm should have been able to detect breaches in the NSE system if the scam happened.

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