Ex-Mumbai Cop Sanjay Pandey Gets Bail In Stock Exchange Snooping Case

The Delhi High Court on Thursday granted bail to former Mumbai Police Commissioner Sanjay Pandey in connection with a money laundering case related to alleged illegal phone tapping and snooping of National Stock Exchange (NSE) employees.

"The application is allowed and the applicant is granted bail," said Justice Jasmeet Singh. The money laundering case, which is being probed by the Enforcement Directorate (ED), arises from a CBI FIR against Pandey and his company iSec Services Private Limited for the alleged commission of offences under the Indian Penal Code, Indian Telegraph Act and Prevention of Corruption Act.

According to the CBI, iSec in conspiracy with other accused persons illegally intercepted MTNL lines at the NSE between 2009 and 2017 and recorded calls by various NSE officials. It has been alleged that the telephone monitoring was carried out by iSec without taking permission of the competent authority as required under the provisions of the Indian Telegraph Act and also without the knowledge or consent of the NSE employees.

Mr Pandey was arrested by the ED on July 19 and was subsequently sent to judicial custody.

In August, the trial court had rejected Mr Pandey's bail in the case and said the material available prima face showed he was actively involved in the execution of recording and monitoring of calls at the NSE, and was directly communicating with the bourse staff as well as those of the iSec Services Pvt Ltd, the company he founded and which was responsible for the cyber security audit of the NSE. 

The trial court had noted that the material collected by the investigating officer "prima face" showed the retired IPS officer was in de facto control of the affairs of iSec even after 2006, when he resigned as a director, and kept attending meetings with NSE officials. It had said since the applicant was the chief of Mumbai Police till June 30, 2022, the apprehension of the investigating agency that he may influence the witnesses or tamper with the evidence was not unfounded. 

The ED had on July 14 arrested Chitra Ramkrishna, the former MD and CEO of the NSE in the phone tapping case. Ramkrishna was then already in jail in the CBI case relating to the co-location scam at the NSE. She was granted bail in this case on September 28.

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