"The Prime Minister should constitute an inquiry committee into this," he said.
Swamy criticised home minister P Chidambaram for his alleged role in the pricing of 2G spectrum.
On the Jan Lokpal bill, over which the government and social activist Anna Hazare-led civil society are at loggerheads, he said the Prime Minister can be prosecuted under present provisions of Prevention of Corruption Act after obtaining sanction.
"Therefore, Hazare should not waste time on arguing over the PM's office being brought under the Lokpal ambit."
"It is a red herring, a waste of time. Rather they should focus on an independent public prosecutor who could order agencies to probe (corruption issues)," he said.