Thaindian News

New York, April 27 (IANS) As they weigh the evidence against hedge fund tycoon Raj Rajaratnam in the biggest insider trading case in the US, jurors again listened to nine secret wiretaps, including conversations with two Indian Americans.

Prosecutors have submitted more than 40 wiretaps into evidence against Sri Lankan born Rajaratnam, claiming they prove the Galleon hedge fund co-founder gave and received inside tips about major technology companies and banks.

Defence attorneys have contended that the recordings only show “snippets” of “out-of-context” conversations between Rajaratnam and his friends or associates.

Amomg the conversations replayed Tuesday, one shows Anil Kumar, a former Indian American executive for the McKinsey & Co. consulting firm, talking to Rajaratnam about “confidential work.”

They also capture the men speaking at length about unrelated business and personal matters.

At one point, Rajaratnam speaks sympathetically about a “lost soul,” but that soul’s identity is unclear before the conversation gets minimised.

The unedited tapes also show details of the hefty Rajaratnam ordering a Diet Coke, and the world-travelling Kumar complaining about a lost taxi driver in Japan.

At one point, Kumar states: “[Y]ou’ve got to have the right insights. I mean, that’s all that really matters in the end.”

Jurors also requested to hear a tape in which Rengan Rajaratnam tells his brother Raj, “Scumbag, everyone’s a scumbag,” regarding Kumar and another McKinsey employee whom they are plying for information.

In another call, recorded March 24, 2008, Kumar discussed a possible transaction between Fujitsu Ltd. and Lenovo Group Ltd.

“They are very, very far in discussion,” Kumar could be heard saying as jurors sat in silence in the jury box in Manhattan federal court.

Defence attorney John Dowd repeatedly called Kumar who has testified that Rajaratnam paid him more than $1 million to provide tips about his high-profile clients, a “liar” and said Rajaratnam hired the executive for legitimate consulting services.

In yet another call replayed Tuesday, Rajaratnam is heard chatting with his friend Rajiv Goel, who was an executive at Intel before he pleaded guilty and testified for prosecutors.

Jurors also reheard a recording of Rajaratnam talking to Krish Panu, a director of PeopleSupport Inc.

Jurors must be unanimous for a guilty verdict on any of the 14 counts of securities fraud and conspiracy. If convicted, Rajaratnam faces a prison sentence of up to 25 years.