SC issues notice on plea by Subramanian Swamy for probe into RBI officials in financial scams

The Supreme Court on Monday issued notice to the Centre on a plea filed by senior BJP leader Subramanian Swamy seeking CBI probe into the role of Reserve Bank of India officials in various banking scams.

A bench of Justices B R Gavai and B V Nagarathna sought a response from the CBI and the RBI on Swamy’s plea.

Swamy sought investigation into the role of all directors who were involved in the process of allocating the loans. His plea claimed that despite playing a key role in the bank's allocation of funds to various projects, the Reserve Bank nominees have not been touched by CBI enquiries.

As the bench asked him unless the CBI finds any specific role played by an individual person, the court could direct an investigation, the petitioner said that they are nominee directors, and not ordinary persons.

He said such an appointee of the RBI heads a committee on the risk element, and it is clear that he is a full-fledged member of the Board of Directors.

Conducting no investigation into the role RBI officials in the same manner as other directors is a violation of Article 14, he said.

Swamy also said that in the last 10 years, none of the investigation has come to a conclusion.

In the plea, he alleged that the involvement of RBI officials in scams involving various entities – Kingfisher, Yes Bank etc., has not been probed, and they had allegedly escaped scrutiny.