The Enforcement Directorate arrested former National Stock Exchange (NSE) CEO, Ravi Narain, on money laundering charges.
He is being investigated in two criminal cases — illegal phone tapping of employees and irregularities in co-location facilities introduced at the NSE.
According to reports, the NSE administration has been accused of colluding with traders and brokers who were allowed to keep servers at the NSE data centre.
This is said to have given them an undue advantage during trading.
Ex-NSE MD and CEO Chitra Ramakrishna, NSE Group Operating Officer Anand Subramanian and former Mumbai police commissioner Sanjay Panday have all been arrested in relation to the two cases.
Narain resigned from the NSE as vice chairman in the non-executive category in 2017. He was also MD and CEO between 1994-2013. The alleged irregularities took place during this time.