"I do not want to comment on him (Lalit Modi), but it's a commercial transaction between two individuals," Mr Jaitley said at a press conference in Washington yesterday in response to a question.
The Minister was asked: "What is the government doing on the transaction of Rs 11 crore between Lalit Modi and Dushyant Singh?"
Mr Jaitley responded: "How the government could be concerned with a several year old loan transaction between... which is a commercial loan transaction by check with all banking approvals in a declared loan transaction."
Mr Singh has been under attack over media reports that his company received Rs 11.63 crore in investments from Mr Modi in 2008.
External Affairs Minister Sushma Swaraj and Ms Raje have been criticised for allegedly helping Lalit Modi in procuring travel documents in the UK, a country which he has made his home to avoid legal processes in India.
Lalit Modi, 49, travelled to London in 2010 after the Indian Premier League (IPL) became embroiled in allegations of match-fixing and illegal betting.
For the latest News & Live Updates on Election Results from each assembly constituency in Madhya Pradesh, Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.