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ED has Reopened its Money Laundering Investigation into the NSE Case

2 min read

Khushi Doshi

Published on: April 9, 2022 at 19:48 IST

The Enforcement Directorate questioned former Chief Executive Officer Ravi Narain and two former Chief Technology Officers Umesh Jain and Ravi Apte as part of its Money Laundering investigation into the National Stock Exchange co-location Fraud Case, according to people familiar with the matter.

The agency is also preparing to take Custody of former National Stock Exchange CEO Chitra Ramkrishna and former group Operating Officer Anand Subramanian, who were Arrested by the Central Bureau of Investigation on March 6 and February 25, respectively, in connection with its 2018 Investigation into alleged Stock Market Manipulation.

While Narain did not return calls, Jain refused to comment on the Enforcement Directorate Investigation. Apte was unable to be reached for comment on the matter.

In a Co-location Case filed by the Central Bureau Investigation in 2018, the Central Investigation Agency charged a Delhi-based StockBroker, OPG Securities Pvt Ltd, and its owner, Sanjay Gupta, with Allegedly profiting from early access to the Stock Market Trading system.

The agency was also looking into unidentified officials from the Securities and Exchange Board of India and the National Stock Exchange of India in Mumbai, as well as other unknown individuals in the Case.

According to the person cited above, the Enforcement Directorate intends to delve deeper into the alleged irregularities considering new facts revealed during the Central Bureau Investigate Probe and in a February 11 report by Securities and Exchange Board of India.

The Sebi report mentioned a “Mysterious Yogi” guiding Ramkrishna’s actions. To the detriment of others, some brokers were allegedly given preferential and unfair access to the National Stock Exchange’s Trading System.

The Central Anti-Money Laundering Investigation Agency has now reopened its Investigation to determine whether Beneficiaries of Laundering included National Stock Exchange officials and other “unknown” individuals.

This month, the Anti-Corruption Agency is expected to file a Charge-sheet in the Case.

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