The FBI arrested Sandeep Aggarwal, who received funding from Helion Venture Partners and Nexus Ventures for ShopClues.com, on charges of insider trading in his earlier role as a Wall Street analyst

Moneylife Digital Team

The Federal Bureau of Investigation (FBI) has arrested Sandeep Aggarwal, founder and chief executive of ShopClues.com on insider trading charges. Private funds, Helion Venture Partners, Nexus Ventures funded Aggarwal in his latest e-commerce venture.

According to FBI, New York, Aggarwal, while working as a Wall Street analyst, allegedly provided tip about a partnership deal between Microsoft and Yahoo to SAC Capital's then portfolio manager Richard Lee.

Confirming the arrest, the FBI through Twitter said, "Sandeep Aggarwal arrested yesterday by FBI agents in San Jose, CA on insider trading charges. Aggarwal tipped Richard Lee, portfolio manager at #SAC Capital, about pending deal between @Microsoft & @Yahoo."

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