Sant Chatwal supports Rajat Gupta, says he is innocent

NEW YORK: Prominent Indian-American businessman Sant Chatwal has come out in support of troubled Wall Street top executive Rajat Gupta, saying he believes the former McKinsey head is "innocent" and will soon be exonerated of insider trading charges.

"He (Gupta) is absolutely innocent. He has not personally benefited" from his association with Galleon group founder Raj Rajaratnam, who has been sentenced to 11 years in prison, Chatwal told media.

The noted hotelier said there is no reason why Gupta, who is out on bail on a USD 10-million bond, will not be declared innocent and the charges against him dropped.

"I hope and pray that he will come out an absolutely free man," Chatwal said, adding that he has faith in the American judicial system and is confident that truth will prevail in Gupta's case.

Chatwal further said Indian-Americans are proud of Gupta's achievements and the support of the community is "very much behind Gupta," who has done a lot for the community in the country.

"We are looking forward" to seeing Gupta prove his innocence, Chatwal said, adding that Gupta did not commit any wrongdoing

Gupta has been charged by federal prosecutors of passing confidential information in his capacity as board member at Goldman Sachs and Proctor and Gamble to his billionaire friend Rajaratnam, who then made millions of dollars in illegal profits on the basis of the inside information.

Gupta has pleaded not guilty to the securities fraud charges and will undergo trial in April next year.

Chatwal said there is a strong support system within the large South Asian community, including among Pakistanis and Bangladeshis, in the US and there is no sense of jealousy among members of the community.

Gupta getting embroiled in insider trading charges is only due to circumstances and the South Asian community cannot be painted with the same brush due to Rajaratnam's 11-year prison sentence or Gupta's charges, he said.

South Asians in the US are very hardworking and successful in their fields, he said.