Jaitley said former Telecom Minister A Raja's correspondence with the Prime Minister made it clear that Singh and the then Finance Minister (P Chidambaram) were fully in the loop of what he was doing.
"If the JPC finds that they were innocent, all I can tell you is this JPC report will meet the same fate as the Bofors JPC. Its credibility will probably be worse than earlier JPCs", he said on the draft JPC findings.
The report has said Singh was "misled" by Raja whose assurances stood "belied" and also rubbished the loss figure of Rs 1.76 lakh crore estimated by CAG, saying it was "ill-conceived".
Jaitley said "history repeats itself once as a tragedy and again as a farce. This is the second time in history that the Congress and UPA neck deep in corruption had subverted the truth using the JPC mechanism."
Reminding of the times when the Bofors scam had broken out, he said a JPC under late B Shankaranand had come out with a "fictional report" saying the bribes in the deal were actually winding up charges because middlemen and agents were asked to wind up their business.
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