Former Mumbai Police Commissioner Sanjay Pandey has been arrested by the CBI in connection with the illegal phone tapping case at the National Stock Exchange.
Pandey appeared before the court and was sentenced to four days in CBI custody. The Enforcement Directorate had earlier arrested him in the NSE co-location and wiretapping case.
The Financial Investigation Agency has filed a case and started investigating Sanjay Pandey as well as previous NSE chiefs Ravi Narain and Chitra Ramakrishna for their alleged involvement in spying on certain stock exchange employees.
In July, the Enforcement Directorate informed the court that Sanjay Pandey had resigned from the service in April 2000. There was a dispute between 2001 and 2006 regarding his service. Later, in 2007, he applied for VRS (Voluntary Pension Service), which he withdrew in October 2008.
The ED informed the court that Sanjay Pandey had set up iSec Securities Private Limited in 2001. Sanjay Pandey was still employed at the time the firm was set up, though he was not a director of the company, according to the agency.
The agency said that Pandey was attending office meetings and indirectly influencing the company’s operations and that the contract was merely fake. The deal with NSE is a criminal pact and the phone lines of MTNL were tapped, according to the ED, and claims the proceeds of crime in this case amount to Rs 4.54 crore.