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NSE MD Chitra Ramkrishna is accused of cheating NSE and its employees between 2009 and 2017. It has been alleged that for the purpose of tapping, iSEC Services Pvt Ltd, was engaged in the illegal interception of phone calls of NSE employees.
The bench of Justice Jasmeet Singh of the Delhi High Court has reserved the order on the bail application of former National Stock Exchange (NSE) Managing Director and CEO Chitra Ramkrishna.
The bail application was filed by Ramkrishna in a money laundering case pertaining to the alleged illegal phone tapping and snooping of the National Stock Exchange (NSE) employees. It has been alleged that Ramkrishna cheated NSE and its employees between 2009 and 2017. For the purpose of tapping, iSEC Services Pvt Ltd was engaged in the illegal interception of phone calls of NSE employees. ED alleges that iSEC was paid huge sums of money for this purpose.
On November 3, Advocate Zoheb Hossain appearing for the Enforcement Directorate opposed the bail and submitted that several employees of NSE have corroborated that Ramkrishna used to identify numbers and the same has also been accepted by her. Hossain further argued that the Prevention of Money Laundering Act allows the court to grant bail to the accused only in certain cases which include women, but the same is not a thumb rule.
Earlier, Senior Advocate Rebecca John appearing for Ramkrishna had submitted that the current Managing Director is on bail on the ground that his wife has stage III cancer, whereas, Ramkrishna has been in jail for the last 3 months in this case.
John, for Ramakrishna, had argued, "As far as I'm (Ramkrishna) concerned, the scheduled offense is 420... and 72, even at this stage, for these offenses one need not have a locus standi. The person reporting the matter under 420 should be the one aggrieved by the offence".
"After going through all the contracts and agreements for the installation of the Monitoring System, to say that NSE was induced would be a complete fallacy in the facts and circumstances of this case," John had contented.
On July 14 this year, the ED arrested Ramkrishna who had previously been arrested by the CBI in connection with the alleged NSE co-location scam.
Case Title: Chitra Ramkrishna v. Assistant Director, Enforcement Directorate
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