ED arrests former NSE MD and CEO Ravi Narain in money laundering case

The Enforcement Directorate (ED) has arrested Ravi Narain, the former chief executive officer and managing director of the National Stock Exchange of India (NSE), in a money laundering case related to phone tapping of the bourse`s employees between 2009 and 2017.

An ED official said that there was need to arrest Narain so that he could be interrogated. "Money was laundered in the phone tapping matter. The payments made in the phone tapping is alleged proceeds of crime. There are shell companies. We want to know who was handling the entire operation," the ED had said.

NSE`s former CEO and MD Chitra Ramkrishna and former Mumbai Police Commissioner Sanjay Pandey were placed under arrest in the case by the agency in July. The ED has claimed that Pandey received Rs 4.54 crore to tap the MTNL line to help Ramakrishna.

Pandey had said that he had tapped the phone lines but didn`t do anything illegal. He said that all the equipment for tapping were made available by the NSE.

(With inputs from IANS)

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