Unpublished letter of Swamy to Rajan accusing him of trying to hush-up ED’s probe of Aircel Maxis scam

Mr. Raghuram Rajan has some explaining to do on his alleged role in alerting the former Finance Minister

The Governor of RBI has some explaining to do.
The Governor of RBI has some explaining to do. Graphic: www.scholars2day.com

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap]ndia’s Mainstream Media (MSM) is today reporting widely about Senior BJP leader Dr. Subramanian Swamy’s letter to Prime Minister Narendra Modi dated May 16, 2016, for removing RBI Governor Raghuram Rajan. But the same MSM kept silent on a letter written by Swamy to Rajan, accusing him of trying to hush-up Enforcement Directorate(ED)’s probe on former Finance Minister P Chidambaram’s son Karti’s firms’ money trail to Singapore. The letter dated January 5, 2015, was marked to the Prime Minister also and almost all media organisations had a copy of this controversial letter. Then why did they not publish this letter? It is believed that some editors tried to contact Rajan for his version on Swamy’s allegations but after talking to Rajan they too chose to stay silent.

In his letter to Rajan, Swamy not only accuses him of not co-operating with the ED, but also for alerting Chidambaram on ED’s move to track down Karti’s banking transactions. The ED, on November 27, 2014, sought from RBI about the money transfer details of three Karti-controlled companies including Advantage Strategic Consulting in connection with Aircel-Maxis scam probe.

In his two-page letter, Swamy warns Rajan for filing a case against him for intervening and helping Chidambaram and his son Karti in the Aircel-Maxis probe monitored by the Supreme Court.

“It is surprising that the RBI has not yet responded to the said communication from ED on the probe monitored. My sources inform me that you in your personal capacity have instead alerted the former Finance Minister P Chidambaram, who is the father of Karti Chidambaram about the ED’s letter. I do not know whether you are aware that the both father and son are suspects of CBI and ED to be interrogated further in the Aircel-Maxis probe.”

“After your alerting Chidambaram, he had sought to tamper with the evidence by putting pressure on Finance Ministry to dampen the investigation of ED with a view to hush up the matter. It is possible that since you were chosen by Chidambaram to be RBI Governor, you may feel obliged to alert him to the ongoing investigation, but as an RBI official you must know that informing and alerting him is a grave contempt of Supreme Court as potentially abetting tampering of investigation and evidence,” said Swamy to Rajan, cautioning the consequences.

“Hence, I urge you in the interest of the purity of judicial process to immediately co-operate with the probe of ED and furnish all details of Karti Chidambaram’s companies as sought by ED to ensure unhindered investigation. It will be consistent with the duties and ethics of the office of the RBI Governor not to inform or tip off the suspects named for the investigation. I am keeping the Prime Minister informed of this letter,” said Swamy.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]R[/dropcap]BI got the ED’s request for sharing banking details on November 17, 2014. For more than 45 days it did not act on it. Swamy wrote on January 5, 2015. Within a week of receiving Swamy’s letter, the RBI submitted all banking data of Karti’s companies to the ED.

It is very interesting to note that Rajan did not reply to Swamy. Normally he should have responded to Swamy to clear the air. Was it a guilty conscience that prevented Rajan from replying? Further, did Rajan also prevent Indian media from reporting this matter?

Mr. Rajan, you have some explaining to do.

A copy of the letter is reproduced below:
Page 1 of Dr. Swamy's letter to Rajan
Page 2 of Dr. Swamy's letter to Rajan

1. Text in Blue points to additional data on the topic.

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  1. Congis – whatever liberalization effected by Narasimha Rao Govt in 90’s, it was the blue print provided by Swamyji. He is no ordinary person questioning Raghu ram Rajan. He is an eminent economist, Crusader against corruption like 2g scam, DA Case against Jayalalithaa and so in. Was in good ministerial position at the centre.

    When such an eminent person raises an accusation against an Individual, then it should be respected and replied. Failure on RBI governor’s part raises serious ethical issues.

  2. could Raghu ram rajan be prosecuted for failing in his fiduciary obligation. could he be extradited to india to face trial

  3. Thank God we have people like Dr. Swamy Gurumurthy sir, Sree Iyer sir who expose the deep rooted corruption in politics and Mainstream Media

  4. very serious allegations and in writing directly accusing the RBI Governor on failure in his duties and failing to perform with due diligence and duty of care. No wonder Rajan found the easiest escape route. Rajan must provide an explanation and clarify why no reply was given from 2015 January? This will definitely go against Rajan despite the support he seems to have garnered from a large section of the public. This has definitely smudged his otherwise perceived reputation.

  5. Nobody in indispensable in this world. The charges are serious and needs to be investigated properly. There are lit many intellectual economists in India to Head the RBI.
    PC is criticising Govt. on Rajan’s second term is nothing to protect a person who was trying to return favours to his Aka. Shame on anti national elements

  6. You don’t need outside army to destroy a nation . People like Rajan and local poor converts are used to destroy their own nation. People Like Dr Swamy needed to save the nation from traitors .More local should unit to save their own nation.
    Antinational laws needed to save nations in future.

    • O my gullible indians, 67 years didn’t went in vain. India was unified as a nation (under patel), a wonderful constitution and judicial system was created, we have created a large military setup, advanced in space education industries IT nuclear sciences. This was under congress rule. This is true that incumbency and corruption has stalled our progress in last 10 yrs.but don’t undermine what has been achieved.
      I don’t see ppl like you braying when it comes to Kg basin, coffin gate and many similar scams under the patronage of political party that formed current govt. Recent being 200cr fine waved off by javedkar.
      Guys it is few people who makes a party corrupt not vice versa.
      Rajan did the best not responding to that letter . Instead he acted upon it, which is more important. There is no point responding to random accusation. If it was a valid case why swamy didn’t pursue the case in court. The point is, you chose to believe swamy and not rajan. If kejriwal says, his sources have said swamy is helping sonia in AW case, will you believe his word of mouth?

      • If you are a Patriot , go and file petition in court against NDA govt. Otherwise there is no difference between you, Kejriwal & MSM.

      • For heavens sake, just shut up. It’s Indians like you who have helped these crooks to rob the nation for 67 years to a point when even foreigners do it with impunity. A national clean up would include the likes of you.

  7. My only point is that why RBI has not replied and provided details to Enforcement Directorate Letter of Nove.2014 for about three months. Is it not the violation? What is the role of Mr.Raghuram Rajan on this? That has to be probed. That is all. Probe the officers of RBI and get to the root of the problem.

  8. Just one thing!! May be the allegations in the letter are true since all that Swami has got his info are from “reliable” , “insider” sources. Even if blame all the “presstitutes” for not publishing it, but why was Swami Ji sitting on it for more than a year and how come all of sudden it came out when he went against Raghuram Rajan. And even now when he is shouting all over the place about removing Rajan, why hasn’t he mentioned about this so called letter for once??

    • Swamy circulated this letter to our great Indian circus, sorry, media 18 months ago. They chose (no surprises here) to remain silent.

    • Dear sir. he is a intelligent Guy Who by taking PM in confidence with his updates make rajan out from The top bank governing Job for next trem(which he never deserves after his involvement with predecesor govt. Proved/questioned) . Read It Again, he send letter to rajan and copy to PM with content making rajan clear That he be helping /alerting The person under investigation mr. Kartik through his father Who is FM in Last govt. When The case of airsel maxsis be under investigation That too under SC supurvision. If a RBI governer is being asked by mr. Swami to Help ED in mater under investigation, which he done in a week after which is Not done for 45days, But Not Clarify Why he alerted former FM in ED investigation of non other then his Owen son mr. Kartik companies ..its simple he questioned mr. Rajan, Who do wrong and taking PM in updation and mr. Rajan Not replied /clarified mr. Swami on this and very quickly adress The reguest of ED, notcied by PM, Who has The big resposibility to select next RBI governor …..mk The decision of Mr PM easy with Ground on facts and circunstancies . Mr. Swami is Inteligente as he knows whom to mention and when.

  9. The case is yet within the responsibility and investigation of the Enforcement Directorate. During such a process, Swamy is no interlocutor to question anyone on the case. The matterwill be put up to the JUdges hearing the case and appropriate action will be taken by the Court. In such a situation how does Swamy expect to get Dr Rajan to reply his letter. The matter is between him and the ED and he is not connected to the case in any way.

    • Hope you understand that Swamy was the initiator as ED’s request to RBI was not adhered to. Anyone, even you and me, if we are aware of the particular section of govt sitting on some probe without acting on it. Swamy did many things of similar nature to bring people to book, as otherwise the govt machineries were toothless, as one govt machinery cannot go overboard on other govt machinery to information. Once need to look these things seriously, rather than shooting the messenger, in this case Swamy.

    • Swamy has done it right in the interest of the public and the nation. There is no excuse for Dr Rajan to have delayed the reply.

    WE now detect moles and spies in whatever stylish way they may dress and from whatever prestigious college of the USA they may have got their diplomas. We get no more impressed by what we see externally but what we detect in their depth of their mental setup.
    We are now really the sons and daughters of “chanakya”, our forefather.

    i am very happy to see people detect moles in whatever costly “costumes 3 pièces ” they may hide their body in.. RAGURAM RAJAN is just an example of HARVARD and CAMBRIDGE educated corrupt persons in strategic places forming a complete network to facilitate the plunder by Sonia EDVIGE ANTONIA MAINO who never went to university yet has more intelligence unfortunately not used in a “dharmic way”
    Analysis of actions on a long Timeline alone show us the true colors of a person and not what he says nor how he looks.
    Whatever appearance one may put on, whatever speech one may give and whatever irrelevant knowledge one may show off, how many qualifications one may have to adorn one’s ego finally ask this one question to yourself which is the most relevant ; how are his actions ? Are they indicative of a “breaking India agenda” or “unifying India agenda»?
    People need to understand that the core mission of a RBI is that of a Policeman controlling the funds of other banks to ensure that in case people loose faith in a bank , they should keep a fund in the RBI to be able to face mass withdrawal etc and the second mission is to prevent banks from lending zealously and indiscriminately to people who do not repay loans.. BUT, we see RAGURAM whose name may be sacred Hindu name but whose actions show he is more Christian at heart because he raises interest rates for the very people who can create jobs and what he did last but not the least is shocking : he goes on to execute the SAUDI ARABIAN kings’ orders to promote SHARIA ISLAM BANKING IN INDIA … What made Raghuram Rajan push forward an Islamic banking when the earlier Governor of Reserve Bank of India, Dr. Y.V. Reddy had stated in an affidavit before the Kerala High Court that such concept violates the laws of Reserve Bank of India and India’s secular constitution?

    We may not know the answer to this but the fact that Raghuram Rajan was prepared to act in violation of the Indian constitution in pushing forward this concept of Islamic banking is a matter of deep concern.

    • Many nation has mastered the art of using locals to destroy a nation they want. Arab use poor and uneducated convert them to islam and use as their arm forces . Wiser nations use your intellectuals, pay them to create laws and procedures to destroy a nation..

  11. Who is this rajan.a person trained in the same vein as Rajat Gupta,another Indian origin crook in the USA.It is high time that the Indian Govt.Corporate sector etc, refrain from engaging these immoral persons in suit and boot and tap local talent available in abundence .As far as Rajan is concerned he should be investigated and punished to set an example to others

  12. Mr. Keshava, I agree that Rajan has not done any mistake by not replying to Swamy. But as alleged by Swami, if he had informed Karthi about the action of ED, then I doubt about his integrity to continue as Governor of RBI whatever may be his talent. After all it is matter of corruption charge who looted in billions of country’s wealth.

  13. This is a serious charge from DrSwamy.If Rajan did act slow on ED investigation as accused By DrSwamy,on this count alone he needs to be booted out.Enough of scums in high places if India needs to turn a corner.

    • Last 67 yrs of congress rule has breaded many antinational and corrupt people . These are difficult to root out .

  14. Going by the way people are waiting like vultures to swoop on the slightest mistake in anyone’s statement and making a big issue out of non issues, it is best for Rajan to keep his silence. As Thomas Harris (In his book “Staying OK”) says “No one can accuse you of what you did not say!”
    It is better that truth be investigated by a professional team rather than a trial by media.


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