Shri Arun Jaitley Ji
Hon’ble Finance Minister
Governemtent of India
Room No. 134, North Block
New Delhi 110001
Subject: Our representation dated 22nd August 2015 received in your
Office on 24th August 2015.
Respected Sir,
Kindly refer to our captioned representation to reconsider the appointment of Mr. P.S. Jayakumar as Managing Director & CEO of Bank of Baroda. We would like to bring it to your kind notice that Mr.P.S Jayakumar, presently a partner with Mr. Jerry Rao (also known as Mr. Jaithirth Rao) both are partners in one, Value & Budget Housing Corporation Ltd (VBHC Ltd) these both seems to have been a part of all associated scams linked with Mr. Jerry Rao.
Sir, it is being given to understand from the sources that Mr.Jerry Rao was significantly involved in a multi Crore Citibank scam and had to stay out of India to avoid being trapped by the Indian Government. Sir, it was just after this scam that he commenced the VBHC venture which was handled by Mr. P.S Jayakumar on his behalf, as Mr. Jerry Rao had to stay out of India.
The source of funds invested in the VBHC still remains a mystery with only Mr. Jerry Rao and Mr. P.S Jayakumar knowing the facts and whereabouts. Hence under the above situation, Mr. P.S Jayakumar would then be a bigger fraud as this person was handling all the concerned afairs. All internet data seems to have been wiped out and a thorough investigation is needed now as JUSTICE DELAYED IS JUSTICE DENIED
Sir, both are former Citibank associates and have been in associated together since 1986. The name of Mr. Jerry Rao continues to be appeared in the media as implicated in security scam issues since the time of Harshad Mehta 1992 and the same goes on until 2008. From Oct 2005 to June 2008
Era witnesses more scams in Citibank, during which Mr.P.S Jayakumar was the Country Business Manager – Consumer Group for Citibank NA. Thereafter, he occupied a position in the Asia Pacific – Balance Sheet Management from July 2008 until March 2009 and thereafter the formation of VBHC came in to existence. This journey of Mr. P.S Jayakumar along with Mr. Jerry Rao is a clear indication of their association.
It is from the known sources also suggest that one should read the Mr. Ravi Subramaniam’s book “IF GOD WAS THE BANKER” as it highlights Citibank scams with Swamy being referred as Mr. P.S Jayakumar and Mr.Aditya Rao being referred to as Mr. Jerry Rao.
The Economic Times April 2005 and the India Today May 2, 2005. lists the frauds and scams that have been registered under the leadership of Mr.P.S Jayakumar. The April 12, 2005 edition also mention about the FIR lodged by the then Police Officer Mr. Sanjay Jadhav under the CYBER CRIME CATEGORY
It’s a known fact, that if such scams continue to happen and culprits not being punished, means a Godfather support is a must and hence it’s established fact that they were blessed by some very powerful entity. There have been reports and as per the footnote of a Tehelka article dated 17th Aug 2013, (copy attached) titled Wearung of the Crown, Mr Jerry Rao and Mr. Raghuram Rajan are friends. There are firm reports which indicate that Mr. Jerry Rao and Mr.Raghuram Rajan came together as advisors on the board of HeyMath till 2012. No sooner Mr. Raghuram Rajan got appointed as a Governor, RBI he resigned from the said board.
Sir, More important is the fact that Mr. PS Jayakumar is also a relative of Mr. Raghuram Rajan. This presently seems to be classified news but having said that, this now explains the fact of Governor insisting the infusion of Private persons into the bigger banks, without assigning any reason. It was also surprising to note that, these banks were headless for over 9 months, which means that the time taken was to prepare grounds for the infusion of Mr. P.S Jayakumar and probably to wipe out all the frauds and scams that worse conducted in the past. This is gross injustice in the interest of safeguarding the Indian financial market.
Sir, before our PSU banks gets into wrong hands and become a victim of undisclosed scams, the above needs to be investigated in detail or else we will once again be a victim of unhealthy practices which would be hard to digest and will put us all to shame.
Thanking you and best regards.
Yours faithfully,
For United Human Rights Federation
(Rahul Kumar)
National Coordinator
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