I was reading ‘The Target’ by Shantanu Guha Ray and I must say that as usual Shantanu has lived up to his writing. This book is based on the truth behind the NSEL crisis in which Rs 5600 cr were lost by 13000 investors. When I read the book, I felt bad for Jignesh Shah. At one point, Chidambaram used to be my favourite minister in the Congress, but after reading this book, I realised I was turning my eyes away from the truth – Chidambaram is a politician and will only see his interests first.
Another factor which is upsetting is the self-centeredness of the bureaucratic babus, who will do anything to show their loyalty towards their masters – in this case, it is KP Krishnan and Ramesh Abhishek. The former was the Additional Secretary of Capital Markets and the later was the then Chairman of the FMC, an authorised body that was to monitor spot exchanges such as NSEL. So, why have they not been questioned in the NSEL crisis? Have they covered their tracks so well or are the investigative agencies scared of crossing Chidambaram. It is quite obvious that writing or questioning the mighty Chidambaram does not augur well for the organisation or individual. I believe to push for the truth behind NSEL, their statements must be taken.