India News | NSE Colocation Scam: Delhi Court Grants Bail to Ex-Mumbai Police Chief Sanjay Pandey
Get latest articles and stories on India at LatestLY. A Delhi court on Wednesday granted bail to former Mumbai Police Commissioner Sanjay Pandey in a corruption case related to National Stock Exchange (NSE) colocation scam and alleged phone tapping of the bourse employees.
New Delhi, Dec 21 (PTI) A Delhi court on Wednesday granted bail to former Mumbai Police Commissioner Sanjay Pandey in a corruption case related to National Stock Exchange (NSE) colocation scam and alleged phone tapping of the bourse employees.
Special Judge Sunena Sharma granted the relief to Pandey, noting that he was already on bail from the High Court in a related money laundering case.
The Central Bureau of Investigation (CBI) had arrested him in September.
"Considering the fact that the High Court has already granted bail to the accused in the connected ED matter, which in the light of Section 45 PMLA embodies far more stringent conditions for grant of bail, I find no reason to decline bail to the applicant in the present case,” the judge said.
While granting the bail, the judge noted the observation made by the high court regarding the lack of essential ingredients of the predicate offences, and said the mere fact that CBI was not a party to the bail application before HC in the ED matter, cannot be a ground to urge this court to take a different view with regard to the predicate offences.
The CBI had registered a case in the alleged NSE colocation scam that involved the phone tapping of NSE employees to manipulate the stock exchange.
Pandey, a 1986 batch Indian Police Service (IPS) officer, retired from service on June 30.
During the investigation, Pandey was found to be closely associated with the functioning and activities of a company called iSec Securities Pvt. Ltd, the CBI said.
The company, which he founded after resigning from the IPS, had conducted a security audit of NSE around the time when the alleged scam took place. He had resigned from service but rejoined as his resignation was not accepted. He also stepped down as a director of the company.
The company was incorporated by Pandey in March 2001 and he quit as its director in May 2006.
It has been alleged that illegal phone tapping of NSE employees was done between 2009-17.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)