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I-T Lens on Possible Fund Diversion to Tax Havens by Ex-NSE Officials

Income tax officials are looking into possible fund diversion to an offshore location by former National Stock Exchange (NSE) officials Chitra Ramakrishna and Anand Subramanian.

The tax department has found frequent personal and official travel to Singapore, Mauritius and Seychelles.

Sources in the Income Tax department told ET that the department may seek information from these countries to investigate the possible fund diversion.

They are looking more closely at travel immediately before and after Ramakrishna resigned as CEO and MD of the exchange in December 2016.

The department is also looking into the travel details of an NSE board member and one private person suspected to have links with both Subramanian and Ramkrishna, officials said.

Officials claimed that the way her travel was planned raise enough suspicion.

“There were frequent visits to Seychelles, but we have zeroed on her travel just before and after her exit. If required, we may take help from the government there,” an official said.

“Most of the trips were diverted via two specific locations,” the official added.

Income tax officials on Thursday conducted searches on the premises of Ramakrishna, her mother, Anand Subramanian and his wife and questioned two of her colleagues.

They have collected some documents and seized electronic devices. They claimed there was a “calculated” attempt to remove digital footprint and evidence.

Officials maintained that more people connected to the exchange could be searched. The Central Bureau of Investigation on Friday questioned Ramakrishna her colleagues.

The agency has already issued a lookout circular (LOC) for Chitra Ramakrishna, Anand Subramanian and Ravi Narain, all three former top executives of NSE, as a precautionary measure to prevent them from leaving the country. S-ET

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