Delhi Court dismisses bail application of Ex NSE CEO Chitra Ramkrishna in PMLA case

New Delhi, Aug 29 (Representative) A Delhi Court after hearing dismissed the bail application of Former National Stock Exchange (NSE) CEO Chitra Ramkrishna, arrested under the provisions of Prevention of Money Laundering Act (PMLA) in connection with alleged illegal phone tapping and snooping of employees of the leading stock exchange. The Central Bureau of Investigation (CBI) has registered a fresh FIR in the NSE Co-location Case over the allegations of phone tapping that involved the phone tapping of NSE employees. It has alleged that illegal phone tapping was done between 2009-17. Investigating Agency has named Former NSE Chief Chitra Ramakrishna, Ravi Narain and Former Mumbai Commissioner Sanjay Pandey, a 1986 batch Indian Police Service (IPS) officer, for allegedly tapping the phones of NSE officials and other irregularities in the FIR. Investigating Agency found that Pandey was closely related to the functioning and activities of a company called iSec Securities Pvt. Ltd. and company had conducted a security audit of NSE around the time the alleged co-location irregularities have taken place. It is alleged that company was incorporated by Pandey and he quit as its Director in May 2006.

It is alleged that son and mother of Pandey took over the charge of the company. Counsel on behalf of Ramkrishna and Pandey moved the bail application by submitting that they have been falsely implicated in the matter. Government Counsel for Enforcement Directorate opposed the bail applications by submitting that custodial interrogation of Chitra Ramkrishna is essential to establish the money trail of proceeds of crime as well as projection thereof and she may be required to be confronted with the other suspects named in the FIR. Government Counsel further submitted that it is important to further determine the role of Ramkrishna as well as the role of various other persons who facilitated the offence of money laundering and to determine the entire modus operandi employed for the generation of proceeds of crime and projection thereof as licit payment for ‘Periodic Study of Cyber Vulnerabilities’ of NSE. ED submitted that Ramkrishna is also required to be confronted with various documents collected during the course of the investigation. Special Judge Sunena Sharma today after hearing argument in bail application on behalf of Prosecution and Defence Counsel dismiss the bail application filed on behalf of Chitra Ramkrishna and Former Mumbai Police Commissioner Sanjay Pandey in the case.