The Central Bureau of Investigation (CBI) on Saturday questioned Ravi Narain, the former chief executive officer (CEO) of the National Stock Exchange (NSE), in connection with the co-location trading scam.

Narain appeared before the CBI interrogators in New Delhi and was questioned about the colocation facility and internal working processes at the stock exchange.

Narain’s questioning comes after the probe agency questioned former NSE CEO Chitra Ramkrishna and recorded her statement.

The agency had also issued look out circulars against Ramkrishna, Narain and former COO Anand Subramanian to prevent them from leaving the country. CBI stepped up its investigations into the co-location scam after it came to light that an unknown person claiming to be Ramakrishna’s spiritual guru was guiding her in running the day to day affairs of the exchange.

Ramkrishna was ousted from NSE in 2016 for her role in the co-location and algo trading scam and abuse of power in the appointment of Subramanian. The probe found that Ramkrishna ran NSE with impunity. No one from the senior management, board, or the promoters — which include big government institutions and banks — ever objected to her ways. Instead, Ramkrishna was given ₹44 crore as pending dues and salary when she left NSE.

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