In the early 1970s, India was rocked by one of its most sensational financial scams, known as the Nagarwala case, which had significant implications for the government of Prime Minister Indira Gandhi. This scandal involved a daring heist where a substantial sum of money was withdrawn from the State Bank of India's Parliament Street branch in Delhi.
The Scam Unfolds
On May 24, 1971, Ved Prakash Malhotra, the chief cashier at the State Bank of Indias Parliament Street branch, received a call purportedly from Indira Gandhi and her secretary, P.N. Haksar. The caller instructed Malhotra to deliver 60 lakhs to a courier for a 'secret mission' in East Pakistan. Believing the instructions to be genuine, Malhotra withdrew the money and handed it over to the courier, who was later identified as Rustom Sohrab Nagarwala, a retired Army Captain.
When Malhotra went to the Prime Ministers Office to collect the receipt, he was informed that no such instructions had been given. Realizing he had been duped, Malhotra reported the incident to the police. Nagarwala was apprehended the same day, and most of the money was recovered. He was convicted in a remarkably swift trial and sentenced to four years in prison.
Investigation and Controversy
The investigation into the scam was led by Assistant Superintendent D.K. Kashyap. However, the case was marred by controversy, including the mysterious deaths of key figures. Nagarwala died in Tihar Jail in 1972, and Kashyap died in a road accident just a few months after the scam. These events fueled numerous conspiracy theories involving Indira Gandhi, her son Sanjay Gandhi, and even the Central Intelligence Agency of the United States.
The Justice Jaganmohan Reddy Commission, appointed in 1977, investigated the case and found several discrepancies in the investigation and court proceedings. The commission's report highlighted the bank's irregularities and the obstruction of police investigations by Gandhi's office but did not find evidence of Gandhi's direct involvement.
Legacy and Recent Revisits
The Nagarwala scam remains one of the most intriguing cases in Indian history, with its complex web of events and unanswered questions. Journalists Prakash Patra and Rasheed Kidwai have recently revisited the case in their book, providing a detailed and gripping account of the scam and its aftermath. Their work has reignited interest in this enigmatic episode, which continues to fascinate readers with its blend of espionage, corruption, and political intrigue.
Ellipsis Entertainment is also set to produce a film based on the Nagarwala case, with Mukul Dev, son of the late police officer Hari Dev Kaushal who investigated the case, involved in the project. This film promises to delve deeper into the mysterious events and the impact they had on the nation.
