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NSE co-location case: Mumbai former top cop Sanjay Pandey summoned by Central probe agency

By Priyanka Verma 
Updated Date
NSE co-location case: Mumbai former top cop Sanjay Pandey summoned by Central probe agency

New Delhi: On Sunday, Central agency official said Former Mumbai police commissioner Sanjay Pandey has been summoned by the Enforcement Directorate (ED) in a money laundering case. The top cop, who retired on June 30, 2022, has been asked to appear before the probe agency on July 5.

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Retired IPS officer Sanjay Pandey was holding the post of Managing Director of Maharashtra State Security Corporation before the Mumbai Police Commissioner. In April 2021, the Uddhav Thackeray government gave him the charge of DGP of Maharashtra.

However, the charge was withdrawn from IPS Rajneesh Seth after he was appointed as the DGP of Maharashtra. The 1986 batch IPS officer was the 76th Police Commissioner of Mumbai Police. He took the responsibility of commissioner from IPS Hemant Nagarle. He just retired on 30th June last month.

What’s the matter?

Between 2010 and 2015, a firm named Isec Services Pvt Ltd was awarded an IT audit contract for NSE servers and systems, but it did not flag any violations in the said period.

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The breach allowed one of the trading companies to gain improper access to the system, resulting in windfall gains.

The NSE co-location case pertains to the co-location facility offered by NSE, where brokers can place their servers in the stock exchange premises, which gives them faster access to the markets.

It was alleged that the brokers, with the connivance of insiders, made windfall profits by misusing the stock-trading algorithm and co-location facility. The ED had first registered a case in this case in 2018 under the Prevention of Money Laundering Act.

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