Anand Subramanian, former scholarship official, suspected of being the mysterious “Himalayan Yogi” who influenced the decisions of former CEO Chitra Ramakrishnawas denied bail today by a CBI tribunal.
Anand Subramanian, who was Group Operating Officer of the National Stock Exchange (NSE), was arrested on February 25. He and Chitra Ramakrishna are being investigated over allegations of market manipulation, in what is known as the “roommate scam“.
Denying him bail, the court said the Himalayan yogi is “as elusive as the Himalayan Yeti” and was evasive throughout the investigation.
“Investigations are ongoing and the investigative agency is lifting the veil of secrecy to show the court the true face of this Himalayan Yogi, as elusive as the anecdotal Himalyan Yeti,” the court said.
The court noted that according to the CBI, Anand Subramanian was the “Himalayan yogi” with whom confidential information about the structure and functioning of the NSE was shared by Chitra Ramakrishna. Ms Ramakrishna, who corresponded with him at the email address [email protected], allegedly worked in tandem in “this alleged insidious conspiracy called the roommate scam”, the court heard.
The pair also allegedly visited a well-known tax haven when they were number 1 and number 2 on India’s biggest stock exchange, and the investigation was ongoing, the court noted.
“It is also stated that the defendant remained evasive throughout the investigation. It is stated that it was the defendant’s public duty to protect the interests of common investors while being assigned to NSE, he s rather engaged in a criminal conspiracy and caused huge benefit to various trading members/brokers, thus he committed a serious economic offence,” the CBI tribunal said.
The prosecution, he said, was at an investigative stage where it was working on “disjointed scattered points, from which it must conjure up a final picture in the form of an indictment.”
Investigations would only materialize after an indictment was filed, the court said.
“Therefore, in view of the serious and serious allegations against the current defendant, no grounds for bail are established at this stage,” the court said.