[BREAKING] Delhi court denies bail to former NSE head Chitra Ramkrishna in ED phone-tapping case

A Special Central Bureau of Investigation (CBI) court on Monday dismissed the bail plea of former head of the National Stock Exchange (NSE) Chitra Ramkrishna in a money laundering case registered by the Enforcement Directorate (ED) [Chitra Ramkrishna v. ED]..Special CBI judge Sunena Sharma, who had earlier heard arguments on behalf of the Ramkrishna and the investigation agency, dismissed the former's plea."Arguments on the bail application of accused/applicant Chitra Ramkrishna on behalf of Enforcement Directorate have been heard," the court said on August 25, reserving its order for today.A detailed order will be available later in the day..In the case, it was also alleged that the phones of NSE employees were illegally tapped. Former Mumbai Police Commissioner Sanjay Pandey was earlier denied bail in the case.Pandey is facing ED and CBI FIRs alleging illegal tapping of phones of NSE employees by iSec Services Private Ltd, a company he founded, and violation of SEBI guidelines in conducting NSE’s system audit.It is alleged that illegal tapping of MTNL phones was contrary to the Telegraph Act. For this purpose, ₹4.54 crore was paid, which becomes proceeds of crime, it was contended..Ramkrishna, who is also facing cases registered by the CBI and ED, has been accused of frequently revising the designation and compensation of another former NSE employee, Anand Subramanian..The case stems from a February 11 order of the Securities and Exchange Board of India (SEBI) that found Ramakrishna allegedly involved in financial misdeeds relating to fixation and frequent revision of Subramanian’s compensation in a disproportionate manner, in cahoots with someone whom she claimed to be a “Siddha Purusha”.To contest this claim, it was contended by Ramkrishna that being the Managing Director, she had the bandwidth to determine the salary of any consultant and such emoluments were within such bandwidth on the basis the experience Subramanian brought to the table..Senior Advocate Rebecca M John along with Advocates Shivam Batra, Rony O John, Akhil Ranganathan, Arshdeep Singh and Aadya R Luthra represented Ramkrishna.Special counsel Zoheb Hossain, special public prosecutor Naveen Kumar Matta and Advocates Siddharth Kaushik, Vivek Gurnani, Shoaib Alvi, appeared for ED.