NEW DELHI: Reserve Bank of India does not have any information about
its chiefs when the securities scam involving Harshad Mehta took place
in 1992.
In a surprise reply, the bankers' bank has refused to give the names
of its Governors when the stock market was rattled and thousands of
crores were ripped off in the scam spearheaded by late Harshad Mehta.
Activist S S Ranawat from Bhilwara in Rajasthan, had filed an
application under the RTI Act with the RBI seeking to know the details
of the scam, names of the RBI Governors at that time and their alleged
role, if any, in the scam.
Ranawat was left confounded by the reply of Sudarshan Sen, Central
Public Information Officer of the Reserve Bank of India which said it
"does not have any information" about either of the three questions.
The 'Big Bull' Harshad Mehtra masterminded the stock securities scam
with the help of several officials of public sector banks and his
associates. He engineered the spiralling of sensex exploiting the
banking system loopholes nearly 18 years ago.
Mehta, with the help of bank officials, siphoned off inter-bank
transactions, also known as call money, and invested in stocks at a
premium which triggered a rise in the Sensex.
The scam when reported by media in 1992, bank officials started
demanding their money to set records straight. In the process the
stock market collapsed resulting in vanishing off thousands of crores
of investors money. Mehta and his associates were convicted for the
scam.
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