New Delhi The Enforcement Directorate (ED) has summoned former Mumbai Police Commissioner Sanjay Pandey in a money laundering case, a central agency official said on Sunday. Pandey is to appear before the ED on Tuesday.
The officer said that summons was sent on Saturday to Pandey, who retired from the police force on June 30, but did not specify for which case he was issued. However, sources claim that the retired Indian Police Service officer has been summoned in connection with the National Stock Exchange (NSE) co-location case.
Pandey was not available for comment, but the official said the former police commissioner may appear before the anti-money laundering agency in Delhi.
The issue of co-location revolves around the alleged unfair advantage of some NSE stockbrokers over others. This was reportedly done through rapid access to stock price information disseminated by the exchange’s trading system, resulting in faster execution of trades. The Securities and Exchange Board of India has imposed a fine of 7 crore on NSE in connection with the matter.