Subroto Roy in the The Statesman claims that a huge scam is in the making:
The scheme involves private companies “borrowing” India’s foreign exchange reserves from the RBI, allegedly for the purpose of “infrastructure” creation ~ in collaboration with the American bank Citigroup, the American financial business, Blackstone Group, and possibly the American corporate giant, GE Capital too. Chidambaram took the unprecedented step of naming Parekh as well as Citigroup and Blackstone in the text of his Budget speech.
He then goes on to show how a similar Wall Street scam has defrauded the Central Banks of Poland, Malaysia, Portugal and Yugoslavia, and this is what is coming to India. Roy also tells us that he worked for a Wall Street firm founded by the same people who orchestrated this act, and he resigned when he was asked to develop contacts in India. Read more!