NSE scam case: CBI probe shows Anand Subramanian could be the 'mystery yogi'

The initial probe by the Central Bureau of Investigation (CBI) into the 2018 National Stock Exchange (NSE) manipulation case is pointing towards Anand Subramanian as being the mystery yogi who influenced the workings of the exchange for over three years.

CBI sources have told Business Today TV that the probe has thrown up evidence that Subramanian was the 'Himalayan Yogi' who created the email ID rigyajursama@outlook.com through which he communicated with Chitra Ramakrishna, the former MD and CEO of NSE.

The CBI had arrested Subramanian, the former group operating officer, from his Chennai house late Thursday night. The former NSE executive has been brought to Delhi where he has been remanded to CBI custody till March 6. This is the first arrest in the four-year old case.

Subramanian joined as the Chief Strategic Advisor on the same day as Chitra Ramakrishna and was subsequently re-designated as the Group Operating Officer and advisor to Ramakrishna during her tenure as the MD and CEO from April 1, 2015 to October 21, 2016.

Sources added that Chitra shared confidential information related to NSE with the 'Himalayan Yogi' who she claims she never met in person. She was interrogated by the CBI last week as was Ravi Narain, the CEO of the exchange immediately preceding her.

Agency sources also say they have recovered some screenshots of Ramakrishna's mail to Anand Subramanian from his other mail ID. While the CBI is yet to finally ascertain the identity of the 'yogi', the Securities and Exchange Board of India (SEBI) in its order on Feb 7 had rejected NSE's contention that Subramanian was in fact the 'Himalayan Yogi' who was manipulating the exchange with his spiritual hold over Ramakrishna. NSE had reached this conclusion on the basis of an Ernst & Young report on the matter.

The SEBI order stated that it came across evidence that Ramakrishna had shared internal information including organisational structure, dividend scenario, financial results, human resources policy among various issues with an 'unknown person' through emails in the period from 2014 to 2016.

Subramanian was arrested Thursday night after being found evasive in his answer to CBI queries on the issue.

Earlier in its order, SEBI had fined Ramakrishna Rs 3 crore, while Subramanian and Ravi Narain were fined Rs 2 crore each.

Also read: Chitra Ramkrishna case: Anand Subramanian arrested by CBI in NSE probe

Also read: NSE co-location case: CBI gets custody of Anand Subramanian till March 6