Lagatar24 Desk
New Delhi, Sept 7: A court in Delhi on Wednesday sent former Chief Executive Officer (MD) and Chief Executive Officer of the National Stock Exchange (NSE) Ravi Narain for two-day custody for questioning by the Enforcement Directorate (ED) in a money-laundering case involving alleged illegal wiretapping and tracking of stock exchange employees.
Special Judge Sunena Sharma allowed ED to receive custody of Ravi Narain until 9 September after the defendant was brought in by the investigative agency.
Special Prosecutor ED NK Matta told the court that Narain needed to confront the other defendants and the evidence in the case to uncover the larger conspiracy in the case.
Notably, ED on Tuesday arrested him in the case. From April 1994 to March 31, 2013, Narain was the MD and CEO of NSE. After that, from April 1, 2013, to June 1, 2017, he was appointed as the vice-chairman in a non-executive category on the company’s board.
The ED filed ECIR in July against former Mumbai Police Commissioner Sanjay Pandey and former NSE police chiefs for allegedly giving wiretapping officers’ phones from 2009 to 2017.
This is the second case investigated by the ED for alleged violations of money laundering standards in the co-location scam. Pandey and former NSE head Chitra Ramkrishna were arrested in July this year in this case.
Ramkrishna was previously arrested by the CBI in March of this year in this case.
