Key man in Volcker web reveals all

New Delhi: The Volcker controversy has been dragging on for the past six months and it's only becoming messier by the day. There is no clarity as to who made the deals, who made the money and how did it all start.

On Tuesday, a key player in the Volcker web, Youth Congress leader Jamil Saidi, admitted to CNN-IBN that the oil deal was done simply because it meant easy money.

Jamil, who rose from being a Youth Congress leader to mega dealmaker, was known in Delhi as an expert in getting deals from Baathist Iraq. It was Jamil who had introduced Andaleeb and friends to Iraqi ambassador in India as people who want to do business in Iraq.

He is also alleged to have facilitated the Masefield deal. Natwar's aide and former ambassador Aneil Matherani said Saidi was linked to the Masefield deal.

Matherani has even claimed to have spotted him at the same hotel where Natwar Singh's son Jagat Singh and Andaleeb stayed during their controversial 2001 visit to Iraq.

Jamil Saidi's revelations come on a day when NRI businessman and former external affairs minister Natwar Singh's relative Aditya Khanna was questioned by the Enforcement Directorate(ED) for the second day on Tuesday.

The ED has already impounded the passports of Aditya and Vipin Khanna.

In an exclusive interview to CNN-IBN, Jamil throws light on some key aspects of the whole controversy. Excerpts:

Sumon K Chakrabarti: Jamil, you know the story from the very beginning. Tell me how it began?

Jamil Saidi: The story began with the Hamdan Exports wanting to export wheat, rice, tea and other commodities. Then after that when they visited Iraq, they changed to oil, probably because it's easier to do oil. Otherwise, the initial plan was to do business with other commodities.

Sumon K Chakrabarti: You are the one who introduced Andaleeb Sehgal and other people, including Jagat Singh, to the Iraqi ambassador in India at that point of time.

Jamil Saidi: I did introduce Andy with another friend of mine.

Sumon K Chakrabarti: Why do you think it shifted to oil?

Jamil Saidi: Probably it was easier. What happened was after they went to Iraq, they realised that once you get registration done, then the whole process of tenders is a long one. Even if you win a tender with the Iraqi government, then that goes to UN for approval. After the approval, funds take as long as it can. And oil was something which Iraq was in a hurry to sell.

Sumon K Chakrabarti: When you gave a confession to the Enforcement Directorate about whatever you know, were there threats which came your way?

Jamil Saidi: It was told to my lawyers that this is not right if he goes ahead and does something like this.

Sumon K Chakrabarti: So you did receive threats in a veiled form or otherwise? Aditya Khanna is a very powerful arms dealer based in London and the ED is now investigating him. What sort of role do you think did he play?

Jamil Saidi: I don't know about his arms dealing. But yes what I think about what comes out now and what I have been reading in newspapers is that it is he who introduced these people to Masefield. Masefield was his connection and through his company the fund was channeled to bank. That's what he has done.

Sumon K Chakrabarti: The key person is Aditya Khanna. He can give out how the whole transaction took place.

Jamil Saidi: Yes, definitely.

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