The Enforcement Directorate (ED) has summoned former Mumbai Police Commissioner Sanjay Pandey in connection with a money laundering investigation involving the National Stock Exchange. The top cop was asked to appear before the investigation team on July 5 after retiring on June 30.
In 2001, Sanjay Pandey started an IT audit company. Later, he named his mother and son as the company’s directors. The firm Isec Services Pvt Ltd received a contract to audit NSE servers and systems between 2010 and 2015; however, during that time, no violations were found.
One of the trading companies received windfall gains thanks to the breach, which had given it unfair access to the system. The NSE co-location case relates to a co-location facility that the NSE offered so that brokers may set up their servers inside the walls of the stock exchange, providing them quicker access to the markets.
It was claimed that brokers took use of the co-location facility and the stock trading algorithm with the help of insiders in order to profit unexpected. 2018 saw the first filing of a case by the ED under the Prevention of Money Laundering Act.
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