CBI raids at multiple locations in connection with NSE co-location scam case
According to a source, the raids, which started this morning, were underway in Delhi, Kolkata, Mumbai, Gurugram, Gandhi Nagar besides other parts of the country.
The Central Bureau of Investigation launched a search operation at over ten locations on Saturday, in connection with the National Stock Exchange (NSE) co-location scam involving the financial institution`s former MD and CEO Chitra Ramkrishna and the ex-Group Operating Officer Anand Subramanian.
According to a source, the raids, which started this morning, were underway in Delhi, Kolkata, Mumbai, Gurugram, Gandhi Nagar besides other parts of the country.
On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.
Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.
Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.
Subramanian quit NSE in October 2016 and Ramakrishna in December 2016. The CBI swung into action in the case in 2018 and since then it is probing the matter.
With IANS Inputs
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