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Supreme Court issues notice to CBI, RBI on plea by Subramanian Swamy seeking probe into role of RBI officials in banking scams

The Supreme Court sought response of the Central Bureau of Investigation (CBI), as well as the Reserve Bank of India (RBI) on Monday, over a petition filed by BJP leader Subramanian Swamy, seeking probe into the role of reserve Bank of India officials in various banking and financial scams. 

The Bench of Justice B.R. Gavai and Justice B.V. Nagarathna agreed to hear the petition filed by Swamy and Advocate Satya Sabharwal, which urged the Apex Court to investigate the role of RBI’s nominee director in connection with bank loan fraud cases. 

The petition alleged that RBI had failed to protect the interests of various stakeholders, including the depositors, investors and shareholders, which was evident by the number and value of banking frauds detected by RBI and other agencies during the last couple of years.
Stating that this had led to loss of faith entrusted by people in the entire banking system of the country, the plea sought a CBI probe against the RBI officials in connection with cases, such as the Bank of Maharashtra fraud case, the private sugar organisation case of Uttar Pradesh, the IL&FS case, the PMC bank fraud case, the Yes Bank scam, the Lakshmi Vilas Bank case, the Rotomac Global Private Ltd fraud case and the case related to First Leasing Company of India Ltd.

The petition further drew attention of the Apex Court towards the Punjab National Bank fraud case worth Rs 281 crore involving fugitive diamantaire Nirav Modi and the Kingfisher bank loan case worth around Rs 9000 crore involving liquor baron Vijay Mallya.

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