A special CBI court in Delhi denied bail to former stock exchange official Anand Subramaniam, who is suspected to be the "Himalayan Yogi" accused of influencing the decisions of former CEO of the National Stock Exchange (NSE) Chitra Ramkrishna while she was at the helm of the company.
While dismissing the bail petition filed by Subramanian, the court said that the investigating agency was in the process of "removing the secret veil" and finding the "true face of the Yogi, who is as elusive as the anecdotal Himalayan Yeti."
The CBI had earlier claimed that during her tenure, Ramkrishna had taken important decisions after consulting with a mysterious "Himalayan Yogi."
The prosecution alleged that Subramanian was the said Himalayan Yogi, with whom Ramkrishna had been sharing confidential information regarding the NSE's functioning and structure via email (rigyajursama@outlook.com) in the alleged "insidious conspiracy called co-location scam," the court noted.
The duo had also reportedly visited a tax haven during their tenure at the NSE. They are accused of remaining evasive throughout the investigation.
Sanjeev Aggarwal, the special CBI judge who dismissed Subramanian's bail plea, said that the prosecution was at that stage of investigation wherein it was connecting scattered dots. The final picture will be clear only after the charge sheet is filed, the court said.
Hence, taking cognisance of the grave and serious allegations against the present accused, no ground is made out for his bail now, the court noted.
Background
Anand Subramanian, the former Group Operating Officer at the NSE, was arrested by the CBI in the "co-location-scam" case last month. Subramanian and Ramkrishna are accused of market manipulation.
A Delhi court had, on 14 March, remanded Chitra Ramkrishna to 14-day judicial custody.
Ramkrishna was arrested by the Central Bureau of Investigation (CBI) in the co-location scam on 6 Marc and subsequently sent to a seven-day Central Bureau of Investigation (CBI) remand.
On 11 February, the Securities and Exchange Board of India (SEBI) penalised the NSE and Ramkrishna for sharing confidential information with a 'Himalayan Yogi' and allegedly taking his advice on important decisions connected to the NSE operations.
(With inputs from NDTV.)
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