Himalayan Yogi Scandal: Former NSE MD Chitra Ramkrishna Arrested: All You Need To Know
The Central Bureau of Investigation (CBI) produced Chitra Ramkrishna, former Chief Executive Officer (CEO) of National Stock Exchange (NSE), before the court and asked for her custody for 14 days while they investigated the Himalayan Yogi Scandal Case.
Let us tell you, The Central Bureau of Investigation (CBI) on Sunday arrested former NSE CEO Chitra Ramkrishna in connection with this massive corruption case.
CBI officials quoted to PTI, “We interrogated Ramkrishna for three consecutive days and conducted searches at her residence. But she was not giving proper response to our questions.”
“A senior psychologist of the Central Forensic Science Laboratory also questioned Ramkrishna but found her to be ‘procrastination in reactions’. The psychologist had concluded that we had no choice but to arrest her.” They added.
Let us tell you, just a day earlier before her arrest, a special CBI court had dealt a big blow to former Chitra Ramkrishna. Her anticipatory bail plea was rejected by the court on March 5, Saturday in the NSE co-location case.
Chitra is accused of operating the NSE, India’s largest stock exchange, and sharing it’s giving secret information with an unnamed yogi said to be lives in the Himalayas.
According to the Times of India, Ramkrishna herself admitted that she was associated with the yogi through the email id rigyajursama@outlook.com for nearly 20 years. Ramkrishna told that she used to take directions from Yogi on many of her important corporate and business decisions.
Although, she also admitted that she never met him.
Those directions include:-
- Yogi told Ramkrishna to appoint Anand Subramanian as the chief strategic advisor. At that time (April, 2013), Anand is an outsider who has little experience in finance or how stock exchanges are run.
- The yogi also directed Ramkrishna to give Subramanian three raises in the first year, making his salary about Rs 4 crore. He should also be made a Group Operating Officer and an advisor to the MD (Ramkrishna), and be allowed to travel only in first class. The yogi also asked her to allocate a cabin next to the MD’s.
Let us tell you, Subramanian was not a key manager of India’s largest exchange NSE, but he still had access to all the confidential information.
Anand Subramaniam was also arrested from his residence in Chennai by CBI claiming that he himself was the Himalayan yogi who had interfered in the functioning of the NSE.
It is also said about Subramaniam that he used to advise Chitra on her every decision and she used to act on his advice. Chitra served as the MD & CEO of NSE from April 2013 to December 2016.
What is NSE Re-location Case?
Some brokers trading shares on the country’s premier National Stock Exchange were given the special privilege of getting information about stock prices before other brokers. Taking advantage of this, they were making huge profits. This probably violated the demonetization and transparency-based framework of the NSE. They were given direct access with the help of rigged insiders. Securities and Exchange Board of India got some information about this with the help of NSE officials.
Considering the boom in NSC buying and selling, the amount of scams is estimated to be Rs 50,000 crore in five years.
How did the scam happen?
CBI investigations have found that the co-location facility was introduced in NSE after Chitra Ramkrishna became CEO on April 1, 2013.
Under this, the stockbrokers could set up their servers in the stock exchange premises, which gave them fast access to the market. Some of these brokers, with the help of exchange insiders, misused the algorithms and made huge profits.
(With Inputs from TOI, PTI and Jagran)