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The central probe agency is also looking into the visit of Subramanian and Ramkrishna to tax haven Seychelles which finds mention in the email exchanges between Ramkrishna and the mysterious Yogi, the agency told a special CBI court on Friday. The CBI probe is now focussing whether the email id rigyajursama@outlook.com allegedly created by Subramanian, also behind bars in the scam, was used by him or someone else was operating the account, they said.
Subramanian was allegedly referred to as the ”yogi” in the forensic audit but the SEBI in its final report had rejected the claim.
The CBI had on Friday told the special court that Subramanian was the Yogi, which was contested by his lawyers. The agency also told the special court that Ramkrishna’s and Subramanian’s trip to Seychelles is being looked into.
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The Securities and Exchange Board of India (Sebi) on February 11 had charged Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.
In its report, the SEBI has also mentioned an email conversation of Ramkrishna with the ”mysterious Yogi”, suspected to be Subramanian, mentioning about a trip to Seychelles. ”Unknown person had written to Ramkrishna on February 17, 2015,…keep bags ready, I am planning to travel to Seychelles next month, will try if you can come with me…,” it said.
The agency, meanwhile, is focussing on retrieving the email exchanges between Ramkrishna and rigyajursama@outlook.com, they said.
Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed Subramanian as her advisor who was later elevated as group operating officer (GOO) at a fat pay cheque of Rs 4.21 crore annually, they said.
Subramanian’s controversial appointment and subsequent elevation, besides crucial decisions, were guided by an unidentified person who Ramkrishna claimed were a formless “mysterious yogi” dwelling in the Himalayas, a probe into her email exchanges during the Sebi-ordered audit had shown.
In her statement to Sebi, Ramkrishna had said that the unknown person having email id rigyajursama@outlook.com was a ‘Sidha-Purusha or ‘Paramhansa’ who did not have a physical persona and could materialize at will.
Most of these email exchanges were destroyed and the computer systems used to send these emails were scrapped after the exit of Ramkrishna in 2016, they said.
The CBI is likely to approach Microsoft, the service provider, to know if these email exchanges can be retrieved to get a clearer picture, they said.
The central probe agency, which was probing the co-location scam since 2018 against a Delhi-based stockbroker, had swung into action after a Sebi report showed alleged abuse of power by the then top brass of the NSE, the officials said.
Ramkrishna got elevated as MD and CEO on April 1, 2013, and left the bourse in 2016.
It was during this period that co-location was started by NSE, the CBI has alleged.
In the co-location facility offered by NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets. It is alleged that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.