Insider trading: Indian held in MS-Yahoo deal
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.
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.