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Tax raid at National Stock Exchange (NSE) EX Directors House
Securities and Exchange Board of India (SEBI) after following due process of law gave the order on the ongoing case against Chitra Ramakrishna on 11th February 2022. Instead of SEBI order income tax officials conducted a raid in the premises of Chitra Ramakrishna (EX Chief Executive Officer and Managing Director of NSE) in Mumbai and Chennai. Income Tax Officials also conducted a raid in the premises of Anand Subramanian (former Group Operating officer and Advisor to NSE).
Facts and Background of the Case:
THE COMPLAINANTS alleged that:
On February 11 2022 SEBI ordered Chitra Ramakrishnan and Anand Subramanian to pay rupees 3 crore and 2 crore rupees as a penalty within 45 days and ordered NSE to forfeit Chitra Ramakrishnan excess leave encashment 1.54 crore and a deferred bonus of 2.38 crore to deposit in investor protection fund Trust within 60 days.
Even after declaring the penalties, the identity of Yogi was not revealed hence the research operations were conducted by IT officials to know more about Yogi.
The purpose of the Raid was to gather more evidence and information to identify the mysterious Yogi who has the confidential information of SEBI and NSE. During the SEBI investigation, Chitra Ramakrishnan said she was asking for suggestions for staff appraisal from this yogi and she appointed Anand Subramanian as Group Operating Officer by the guidance of this yogi.
Chitra Ramakrishnan had a close relationship with Yogi for 20 years and in the process of asking suggestions to her career and life, she has disclosed confidential information about SEBI and NSE. In the SEBI trial, she did not disclose the identity of the YOGI and she said she did not meet yogi in person yet hence the IT raid was essential to gather more evidence and information about this mysterious person.
While searching Chitra Ramakrishna premises IT officials have found the emails exchanged between Chitra Ramakrishna and the mysterious person YOGI. And the emails were pieces of the puzzle as both of them have used keywords in the emails exchanged between them. One such content of the mail was “keep bags ready I am planning to travel to Seychelles next month, will try if u can come with me before Kanchan goes to London with Kanchana and Bhargava and you to New Zealand with two children. ‘HK is a preferred transit or Singapore for onward journey.’ In case you need help, please let me know Seshu will do the needful.”
Chitra Ramakrishna has only one daughter but in the mail, there was a mention of two children and why will the couple go to London on yogi’s advice and with whose children Chitra Ramakrishnan will go to New Zealand so IT officials believe that these are the keyword used to hide the travel details and other sensitive information and they were trying to deposit the black money in Seychelles.
As the investigation is still in the process we might expect a clear answer for all these questions once the yogi’s identity is exposed after the completion of the investigation by CBI and IT officials.
Tags : #incometaxraid #taxevasion #NSE #SEBI #chitraramakrishna #anandsubramanian #CBI #incometax #blackmoney
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