NEW DELHI (PTI): Making Startling revelations Big Bull Harshad Mehta on Noy.12 admitted before the joint parliamentary committee probing the multi-million securities scam in India that he had contacted three union ministers and a former prime minister.

The Bombay broker said here that while he met Dr.Balram Jakhar and Ghulam Nabi Azad at a party in Bangalore hosted by industrialist S.N.Chawurvedi he contacted Minister of State for Finance Rameshwar Thakur soon after income tax raids on his premises.

Harshad Mehta said he had also been introduced to former premier V.P.Singh at the 10th anniversary function of weekly current in Bombay by Abu Syed.

Briefing newsmen JPC chairman Ram Niwas Mirdha quoted the Bombay broker as saying that “foreign banks governed the RBI” and at will “arm-twisted” them. “Banks were after brokers to earn more money and not vice versa” and blatantly violated Reserve Bank of India guidelines he charged.

Harshad Mehta said he had also held separate meetings with finance secretary K.P.Geethakrishnan RBI governor S. Venkitaramanan and former planning commission member VY. Krishnamurthy.

When some JPC members drew the brokers attention to a remark he had made in an interview that he would name the politicians allegedly involved in the scam “at an appropriate time” Mehta denied he had made such a statement.

Referring to his meeting with Thakur he said the minister had told him to make a representation to the central board of direct taxes. He did not give any further details of the meetings Mirdha said.

Harshad Mehta who was grilled for over seven hours evaded waiting newsmen at the parliament house annex when he was being escorted outside through a kitchen door.

During his deposition Harshad Mehta contended that he had been singled out by the government “as if he is the main principle operator” in the scam.

He was of the view that the scam had taken place because of undue restrictions put on banks.

The Bombay broker asserted that he had enough assets to meet all his liabilities His alleged liability according to the CBI FIR stood at Rs.1494.06 crore while his assets position was Rs.1.515 crore.

Article extracted from this publication >> November 27, 1992