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Former head of NSE Chitra Ramakrishna
The Delhi High Court on Thursday granted bail to former NSE chief Chitra Ramakrishna in a money laundering case related to alleged snooping and phone tapping of National Stock Exchange (NSE) employees. Justice Jasmeet Singh granted bail to former NSE Managing Director Ramakrishna on a personal bond of Rs one lakh and two sureties of like amount. But what is it in the NSE phone tapping case that the former chief of NSE could get bail after 6 months.
The arrest took place in July last year
He was granted bail by the High Court in September last year in a Central Bureau of Investigation (CBI) case after being in custody for nearly seven months following his arrest in March 2022. Ramakrishna, who was earlier arrested by the CBI in the alleged NSE ‘co-location’ scam, was arrested by the Enforcement Directorate in the present case on July 14 last year.
Permission to install server in NSE premises
Explain that in the ‘Co-Lokesh’ case, traders were allowed to set up servers in the NSE premises. The case pertains to alleged preferential treatment of data to some entities in the ‘high frequency’ business. The Enforcement Directorate (ED) had opposed Chitra’s bail plea in the present case on the ground that she was the “key conspirator” behind the conspiracy.
Phone tap done by NSE employees
According to the ED, the phone tapping case pertains to the period from 2009 to 2017 when former NSE CEO Ravi Narayan, Ramakrishna, Executive Vice President Ravi and Head (Complex) Mahesh Haldipur and others conspired to defraud NSE and its employees . According to the ED, for this purpose, ISEC Services Pvt Ltd was engaged to illegally tap phone calls of employees of NSE in the garb of conducting periodic study of cyber vulnerabilities of NSE.
What did the court say about Chitra Ramakrishna
Justice Singh, in a 38-page order, said prima facie no scheduled offense under the Indian Penal Code or the Prevention of Corruption Act is established against Ramakrishna and thus the provisions of the Prevention of Money Laundering Act cannot be invoked. The court also noted that no complaint or victim has been identified by the ED, who suffered loss due to the fraud of the accused. It said bail is granted subject to certain conditions, including Ramakrishna joining the probe and not leaving the country.
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