Is NSE ex-MD Ravi Narain going the Nirav Modi way?

After the National Stock Exchange's (NSE) massive Colo scam came to light, the word is doing the rounds in market circles that Ravi Narain, co-accused in the NSE scam will go the Nirav Modi and Vijay Malaya way and evade a CBI arrest by taking asylum in London. 

It may be recalled that the Central Bureau of Investigation (CBI) had issued a lookout notice pertaining to this matter, however, the central agency made no effort to arrest Ravi Narain. This despite the fact that CBI had prior intimation about his alleged role in the scam and it was evident that he might escape abroad.

The NSE Colo scam that rocked the markets is taking a new twist after the arrest and remand of its former CEO Chitra Ramkrishna and there is no clear indication about how or why its former MD Ravi Narain was able to escape and now is at large in a safe international destination. 

According to sources in the agency, as things stand today, there seems to be little chance of Ravi Narain returning as he will be sure to get eventually arrested as the case has attracted a lot of attention, moreover, the first information report was filed several years ago and now all those involved will be investigated. 

The agency has faced criticism for having let him off after the issue resurfaced following a SEBI order in which Chitra Ramakrishna referred to a mysterious 'Yogi' from the Himalayas guiding her actions and claiming that she communicated with him only by email and shared very sensitive data with him, disregarding all corporate governance norms. 

However, the source said that immediately after the SEBI order they had questioned Ravi Narain in person and was asked to remain present for further questioning however almost immediately he left the country. They also added that Ravi Narain has assured them that he was not absconding and he will be returning soon to face the inquiry.


  • Unmesh Gujarathi
    Unmesh Gujarathi

    Unmesh our Editor-at-large is one of the most prolific editors with a career that spans over two decades in leading media houses like The Asian Age, The Free Press Journal, Lokmat etc. Currently, he is the Editor-in-Chief of Sprouts, a daily broadsheet. Unmesh is particularly known for his exposé that have unearthed major scandals of corruption and scoops.

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