Delhi HC grants bail to ex-NSE chairman Chitra Ramkrishna in phone tapping case

The Delhi high court on Thursday granted bail to former CEO of the National Stock Exchange Chitra Ramakrishna in a money laundering case related to the alleged illegal phone tapping.

Chitra Ramkrishna is already on bail in the CBI case on the alleged phone tapping. The detailed order is to follow.

“The application is allowed. The applicant is granted bail,” said Justice Jasmeet Singh.

The former NSE managing director, who was earlier arrested by the CBI in the alleged NSE co-location scam, was arrested in the present case by the Enforcement Directorate on July 14 last year. She was granted bail in the CBI case by the high court in September last year.

The Enforcement Directorate (ED) had opposed her bail plea in the present case on grounds that she was the “mastermind” behind the conspiracy.

The phone tapping case, according to the ED, pertains to a period from 2009 to 2017 when former NSE CEO Ravi Narain, Ramkrishna, Executive Vice-President Ravi Varanasi, and Head (Premises) Mahesh Haldipur and others conspired to cheat NSE and its employees and for the purpose, engaged iSEC Services Pvt Ltd for illegal interception of phone calls of employees of the NSE in the guise of doing a periodic study of cyber vulnerabilities of the NSE.

Seeking bail, Ramakrishna had argued that no scheduled offence was made out against her and the allegations also did not fall within the rigours of the Prevention of Money Laundering Act.

Ramkrishna was appointed as Joint MD NSE in 2009 and remained in the position till March 31, 2013. She got elevated as MD and CEO on April 1, 2013. Her tenure at NSE ended in December 2016.