Notice to RBI, CBI in the petition filed by Dr. Swamy in the ‘bank loan fraud’ case
The Supreme Court on Monday issued notice to the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) on a petition by BJP leader Subramanian Swamy seeking a probe into the role of RBI officials in various bank loan frauds. Swamy in his petition pointed out that in many big loan defaults, the CBI probe is not looking into the aspect of the RBI officials who first approved these loans. The bench of Justices B R Gavai and B V Nagarathna issued a notice to CBI and RBI seeking their response.
Subramanian Swamy was assisted by lawyers Satya Sabharwal states. Swamy in his petition pointed out that from 1997, in none of the big banking scams, the agencies like CBI have not probed the role of RBI officials who first approved such big loans. He cited a series of bank loan scams that were first approved by RBI like the Kingfisher scam, the Bank of Maharashtra scam, the Uttar Pradesh-based Private sugar organization scam, the Nirav Modi/ Punjab National Bank scam, IL&FS scam, the PMC bank scam, Yes Bank scam, Lakshmi Vilas Bank scam, Rotomac Global Private Ltd scam, First Leasing Company of India Ltd scam, etc.
“Number and value of banking frauds detected by the RBI and other…
