Anand Subramanian and Chitra Ramakrishna are being investigated over allegations of market manipulation
Former stock exchange official Anand Subramanian, suspected to be the mysterious "Himalayan Yogi" who influenced former CEO Chitra Ramakrishna's decisions, was denied bail today by a CBI court.
Anand Subramanian, who was Group Operating Officer of the National Stock Exchange (NSE), was arrested on February 25. He and Chitra Ramakrishna are being investigated over allegations of market manipulation, in what is known as the "co-location scam".
Denying him bail, the court commented that this Himalayan Yogi is "as elusive as the Himalayan Yeti" and has been evasive through the investigation.
"The investigations are on and the investigating agency is in the process of removing the secret veil to show to the court the true face of this Himalayan Yogi, who is as elusive as anecdotal Himalyan Yeti," said the court.
The court noted that according to the CBI, Anand Subramanian was the "Himalayan Yogi" with whom confidential information on the structure and working of the NSE was shared by Chitra Ramakrishna. Ms Ramakrishna, who corresponded with him at the mail id rigyajursama@outlook.com, allegedly worked in tandem in "this alleged insidious conspiracy called co-location scam", the court said.
The two allegedly also visited a well-known tax haven while they were number 1 and number 2 at India's biggest stock exchange, and the investigation was ongoing, the court noted.
"It is also stated that the accused remained throughout evasive during the investigation. It is stated that it was the public duty of the accused to protect the interest of the common investors while being posted at NSE, rather he indulged in criminal conspiracy and caused huge advantage to various trading members/brokers, thus he has committed grave economic offence," the CBI Court said.
The prosecution, it said, was at a stage of investigation where it is working on "disjointed scattered dots, from which it has to conjure a final picture in the shape of a charge-sheet".
The investigations would crystalise only after the filing of a charge-sheet, said the court.
"Therefore, considering the grave and serious allegations against the present accused, no ground for his bail is made out at this stage," the court said.