CBI Arrests Anand Subramanian In NSE Co-Location Scam

New Delhi: The Central Bureau of Investigation (CBI) has arrested former Group Operating Officer (GOO) of National Stock Exchange (NSE) Anand Subramaniam after expanding its three-year probe into the co-location scam in the exchange in view of "fresh facts" that emerged in a damning SEBI report.

He was arrested from Chennai on Thursday night and this is the first arrest so far in this scam that took place a few years back. Reportedly, preparations are on to take him to the CBI headquarters in Delhi, after which he will be produced in the court for custody.

As per the reports, he was questioned for days in Chennai early this week during which he was found evasive in his responses to the sleuths which prompted the CBI to examine him in custody.

Selected brokers were unfairly benefited in the NSE co-location scam. Its investigation revealed that it was given access to co-location facilities to benefit a brokerage firm named OPG Securities. Here the brokers used to get all the data sooner than the rest. CBI believes that in this way crores of rupees were made on NSE.

This scam started at the same time when Chitra Ramkrishna was very close to being promoted to number two status and becoming number one. The scam continued even after Chitra became CEO and Anand had become her closest associate. In this case, the CBI is looking for the connection of that unknown yogi, on whose behest Chitra was taking all the decisions of NSE.

The information about this entire matter came to the fore after a recent order of SEBI. According to the order of SEBI, in 2013 Chitra Ramakrishna, the then CEO & MD of NSE, hired Anand Subramaniam as the Chief Strategy Officer (COO).

Anand Subramaniam was doing a job of Rs 15 lakh before joining NSE. In NSE, he was given a package of Rs 1.38 crore, increasing more than 9 times. After this he got continuous promotion and he became Group Operating Officer (GOO) in no time.

Who is Anand Subramanian?

Anand Subramanian is related to Chitra Ramkrishna, the former CEO and MD of NSE through family ties. He was working for a subsidiary of Balmer Lawrie as a mid-level executive till 2013. Ramkrishna brought him in as Chief Strategic Advisor to MD in April 2013.

Also read: Amid Russia-Ukraine Crisis, Crude Oil Hits $100 Mark For First Time Since 2014

Also watch: