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HindustanTimes Wed,16 Apr 2014

Insider trading: Indian held in MS-Yahoo deal

HT Correspondent, Hindustan Times  Washington, July 31, 2013
First Published: 22:36 IST(31/7/2013) | Last Updated: 02:55 IST(1/8/2013)

Sandeep Aggarwal, the co-founder of online shopping firm ShopClues.com, was arrested on Monday by the FBI on charges of insider trading regarding Microsoft’s Yahoo buyout moves in 2009.

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He was arrested in San Jose, California, and will be presented in a Manhattan court on Friday, said the office of the US attorney for the Southern District of New York on Tuesday.

Aggarwal was then working as an equity research analyst with a financial services firm in San Francisco. He returned to India and co-founded ShopClues.com in 2011, headquartered in Gurgaon.

“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,” said Manhattan US attorney Preet Bharara in a statement.

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