The Central Investigation Agency (CBI) is yet to establish the identity of the mysterious Yogi residing in the Himalayas who had been advising former National Stock Exchange (NSE) CEO Chitra Ramakrishna for years. Due to this the mystery about colocation scam was deepened. CBI in its chargesheet may accuse former top officials of NSE of cheating and conspiracy
The scope of the CBI’s investigation extends to a 2018 case in which NSE is facing allegations of unfairly allowing certain traders to speed up algorithmic trading. The market regulator (SEBI) in its February 11 order had uncovered several irregularities in the exchange and said that Ramakrishna had become “merely a puppet” of a man whom she calls Yogi.
Subramanian did not use the email id of “Yogi” alone
Former NSE chairman Ashok Chawla told in a letter to SEBI in 2018 that Yogi is none other than Anand Subramanian, Ramakrishna’s former top advisor. Chawla later clarified that he had written this on the basis of forensic audit of EY.
A source said, the CBI believes that Subramanian may have created Yogi’s email ID, but he was not the only one to use it. He said the CBI may file the first chargesheet in the case against Ramakrishna and Subramanian within 10 days. Subramanian was arrested by the CBI on February 25 for allegedly favoring some traders. Ramakrishna was arrested on 6 March.
Yogi’s search continues now
Chitra Ramakrishna, who replaced former CEO Ravi Narayan at NSE, had initially appointed Subramanian as her advisor. He was later made the COO at a salary of Rs 4.21 crore annually.
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During investigation, the CBI found that the emails were sent by Subramanian, while during interrogation Subramanian had claimed that he was not directly using the email. CBI sources said the agency is yet to conclude who the mysterious Yogi is in the case.
Questions also raised on NSE and SEBI officials
The CBI is likely to question several officials, including officials of NSE and SEBI, in the matter. The agency has raised questions as to why the officials of NSE and SEBI did not alert it about this scam, while CBI is the nodal agency for all cyber frauds. SEBI had handed over 2,500 emails to CBI in this case.
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