Chitra Ramkrishna case: Anand Subramanian arrested by CBI from Chennai

In relation to its investigation into a 2018 stock market fraud case, the Central Bureau of Investigation detained Anand Subramanian, the former group operating officer (GOO) of the National Stock Exchange (NSE).

He was reportedly apprehended late Thursday at his home in Chennai.

According to News18, Subramanian will be transferred to the CBI’s Delhi headquarters and brought before a local court for custody.

What caused the issue and how did it make headway?

The reports come as the CBI continues its inquiry into the NSE’s co-location scheme.

He was said to be a close advisor to former NSE MD and CEO Chitra Ramakrishna and her employer.

Chitra hired Subramanian notwithstanding his lack of experience in the capital markets, and he was given arbitrary and disproportionate wage increases without any proof of a performance appraisal.

Subramanian had already been questioned by the CBI.

The CBI had previously interrogated Subramanian in relation to the scandal for three days, finishing on February 21.

According to India Today, the investigating agency collected potential evidence from Subramanian’s home during interrogation on Tuesday.

In connection with the investigation, the CBI also questioned Chitra Ramkrishna and Ravi Narain, the former chief operating officer (COO) of the National Stock Exchange (NSE).

What is Anand Subramanian’s backstory?

Since April 2013, Subramanian has served as NSE’s Chief Strategic Advisor.

Later, when Chitra Ramakrishna was MD and CEO of NSE from April 2015 to October 2016, he was re-designated as GOO and advisor to her.

Ramakrishna is accused of bringing Subramanian into the NSE by breaking rules and procedures.

Subramanian is also accused of posing as a “Himalayan yogi” in order to dupe Ramakrishna.

Subramanian’s hiring has stirred controversy.

The Securities and Exchange Board of India has received multiple concerns about governance issues surrounding Subramanian’s appointment as Ramkrishna’s GOO and advisor.

According to the accusations, Subramanian was hired for such a prestigious position despite having no prior expertise in the financial sector and was collecting a salary of over Rs. 4 crore per year, which was far greater than that of other senior NSE employees.

The “Himalayan Yogi” received confidential NSE data from Ramkrishna.

According to SEBI, Ramkrishna allegedly provided secret NSE data and solicited counsel from an outsider, whom she referred to as a “Himalayan yogi” throughout the years, according to SEBI.

According to the regulator, Ramkrishna was “merely a puppet” of someone she portrayed as an unnamed yogi in the Himalayas who “would manifest at will.”

According to the SEBI investigation, Subramanian was also accused of imitating a “Himalayan yogi” in order to deceive Ramkrishna.