PremiumMUMBAI : A Delhi court on Wednesday denied bail to Anand Subramanian, former group operating officer of the NSE, and a co-accused in the high profile co-location case. “It is stated that considering the gravity of allegations against the accused ...and the [possibility that the] accused may tamper with evidence or destroy the same, the bail application be dismissed," Special CBI Judge Sanjeev Aggarwal said in his 19-page order.
Considering that Subramanian was holding a pole position in the NSE, Justice Aggarwal said: “There are strong chances that he may influence relevant witnesses or tamper with evidence, since the investigation is in progress and the charge sheet is yet to be filed, more so, as it has been alleged by the investigating agency that he has deleted a number of emails, which were accessed during the investigation. As a result, the accused fails in this triple test."Subramanian, along with Chitra Ramkrishna, is under investigation by the Central Bureau of Investigation (CBI), and Securities and Exchange Board of India (Sebi) for allegedly offering privileged access to NSE’s co-location servers for algorithm transactions to a section of brokers.
The CBI told the court that Subramanian conspired with Ramkrishna to become part of the NSE illegally while his wife was appointed as the regional head of NSE at Chennai from April 2011. Ramkrishna misused her official position and re-designated Subramanian as group operating officer and advisor to the managing director on 1 April 2015, without informing the nomination and remuneration committee or the board, it added.
Substantial powers similar to those of the MD were delegated to Subramanian, and he had access to the NSE’s confidential information, CBI said , adding that the said unknown person or the ‘Himalayan Yogi’ is none other than Subramanian, who engaged in criminal conspiracies to benefit numerous trading members and brokers, and committed a significant economic offence.
Subramanian had filed a bail application last month arguing that he had not committed any crime and was arrested by the CBI on false charges.
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