.... A confidential report of the Reserve bank of India accessed by The Sunday Standard reveal the modus operandi of the troika. Incidentally, Gupta and Vangal are co-founders of the IT company, Scandent Solutions. Gupta and seven NRI investors led by Vangal picked up 24.93 per cent equity in TMBL with the clear understanding among themselves to acquire substantial TMBL shares and get representation on the bank’s board. “The share transfers in favour of seven foreign investors were in violation of FEMA provisions. Some of the investors have either not provided any information towards the acknowledgement process or have not responded to the specific information sought by the RBI,” states the March 2011 order of RBI Deputy Governor Anand Sinha. In Rajat Gupta’s case, the Foreign Exchange Department (FED) of RBI during the investigation revealed suspicious transfers of shares allegedly masterminded by Rajat Gupta.......
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