A Delhi court on Monday sent Chitra Ramkrishna, former managing director and chief executive officer of National Stock Exchange, to a seven-day CBI custody in the NSE co-location scam case.

The court felt her custodial interrogation was required for fair and proper investigation in the case.

Special Judge Sanjeev Aggarwal passed the order after hearing arguments by CBI and the counsel appearing for Ramkrishna.

“It appears that the custodial interrogation of the above accused would be required to find out the detailed modus operandi adopted by her in conspiracy with the other co-accused persons involved in the present case, including co-accused Anand Subramanian. The present case may be of unimaginable magnitude,” the court said.

It further said that Ramkrishna must be questioned in the presence of Subramanian, who is already in police custody.

The CBI needs to find out the entire ramifications of the transactions in question, dig out the voluminous digital evidence and find out the role of other players in a case where institutional investors, foreign institutional investors and honest retail investors have been swindled, the court said.

“Therefore, custody remand of this accused is required for fair and proper investigations as there are more than reasonable and substantial grounds for doing so... She be produced before the Court on March 14, 2022,” the judge said.

The probe agency had sought her 14-day custodial interrogation.

The CBI arrested the accused in the capital on Sunday after her anticipatory bail application was dismissed by the court on Saturday.

The CBI has said the electronic devices recovered are being analysed and would be used to question Ramakrishna.