FBI Arrests ShopClues Founder On Insider Trading Charges

Bangalore: In a shocking incident, the Federal Bureau of Investigation (FBI) arrested Sandeep Aggarwal, founder of the popular e-commerce startup venture ShopClues on the grounds of conspiracy to commit securities fraud and one count of conspiracy to commit wire fraud.  Aggarwal who was working as a Wall Street analyst prior to finding ShopClues, tipped off Richard Lee, a portfolio manager at SAC Capital, about a pending deal between Microsoft and Yahoo!, reports BI.

The Southern District of New York announced criminal charges against the 40 year old startup founder who is also been civilly charged by The Securities and Exchange Commission. Aggarwal who currently resides in India has been booked under criminal charges for disclosing a confidential deal between Microsoft and Yahoo!.

"As alleged, Sandeep Aggarwal leveraged his contacts in the technology industry to obtain an illegal edge in the form of inside information about a highly anticipated development, and then lied about his criminal conduct. With his arrest today, we continue our work to investigate and prosecute privileged professionals who think the laws requiring honesty and fair play do not apply to them," Manhattan U.S. Attorney Preet Bharara said in a release.

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