NSE’s Former Execs Made Trips to Tax Havens: CBI to Court

The Central Bureau of Investigation on Friday told a local court that former National Stock Exchange chief executive Chitra Ramkrishna and her then adviser Anand Subramanian together travelled to several tax havens including the Seychelles and Mauritius during their tenure at the bourse.

Claiming that Ramkrishna was involved in “various malpractices”, the agency told the court that it was investigating these trips to examine whether they had gained any pecuniary advantage. It also said Subramanian had impersonated as the so-called Himalayan yogi and influenced the decisions the decisions of Ramkrishna at the NSE.

According to the CBI, Subramanian thought that he would operate as the Himalayan yogi for four years and no one would find out.

There is evidence that establishes that Subramanian had created the email ID rigyajursama@outlook.com, where Ramkrishna had sent confidential company information, the CBI told the court.

It alleged that in a bid to destroy evidence, Subramanian deleted some of the crucial emails. The agency claims to have recovered 832 GB of data. The CBI also informed the court that it had written to Microsoft to retrieve deleted emails and data.

This was submitted by the agency on Friday while opposing the bail plea of Subramanian, who is currently in Delhi’s Tihar jail. Subramanian’s lawyer denied CBI’s claim that he was the Himalayan yogi.

After recording submissions of both sides, the court reserved its order on the bail plea.

Subramanian was quizzed exhaustively by the CBI in its custody. He was also confronted with Ramkrishna. The CBI has alleged that Subramanian had remained evasive and tried to mislead the agency. As reported by ET, Ramkrishna has maintained in her questioning that she was steered by the yogi, her spiritual guru, with whom she had shared confidential information related to the exchange.

Earlier this week, the CBI told the court that it had constituted a special investigation team comprising nearly 30 officials, including senior officers to investigate the alleged stock market manipulation case.

Executives of the National Stock Exchange including former managing director Ravi Narain have already been quizzed as part of its probe, the CBI had said. It is also investigating possible roles of Securities and Exchange Board of India officials.   

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