MUMBAI, 23 September 2007 — News the US is pressuring India to scrutinize Saudi investments in the Indian bourse was met with cynicism by some brokers here. Meanwhile, government officials are saying they’re already doing all they can to ensure that capital gains from investments in India’s economy aren’t ending up in the pockets of terrorists.
“The probe is the outcome of the bullying tactics of the Americans to browbeat the Indian government into succumbing to their pressure and desires,” said Pankaj Gupta, a business analyst, yesterday, referring to reports that India’s Research and Analysis Wing (RAW), the country’s external intelligence agency, was informed by US intelligence outfits that certain Saudi businessmen may be using India’s stock exchanges to make investments aimed at funding terrorism. “The US move is just to throttle the booming economy of India and find ways to sabotage this economic leap.”
Allegations of suspect Saudi investments in the Indian stock market aren’t new. M.K. Narayan, a former RAW chief, said two years ago that some groups linked to terrorism had invested in India. His comments were ignored at the time. The United States has also allegedly provided Indian intelligence dossiers on Indian journalists working in the Gulf who they believe may be Islamic extremists or sympathizers.
The Indian government, based on the advise of RAW and the Intelligence Bureau, reportedly directed the Securities and Exchange Board of India (SEBI) to investigate the investments by a Saudi businessman named by US intelligence as having possible links to Al-Qaeda.
Indian intelligence suspects that the businessman has links to terror funding. The man maintains his innocence. A federal government source told Arab News in Mumbai: “We cannot downplay the apprehensions and the assessment of intelligence agencies that have concrete feedback from the US government based on independent investigations. International vigilance is being maintained against Saudi-based Islamic charitable organizations and big Saudi businessmen.”
SEBI officials were unavailable for comment about the probe, but sources in the board said that investigations were in progress. Abhay Kulkarni, a share broker said that the probe ordered by the Indian government into the investments by the Saudi businessman is a clever strategy to desist Muslims from investing in India. The investigation indicates the extent of the government’s surrender to the dictates of America, he said.
Intelligence officials feel the probe will yield nothing and is sheer witch-hunting. A stockbroker, who did not want to be named, said the Saudi businessmen have done nothing illegal and that everything is within the framework of law of the country.
