CBI set to bring back Rastogi from the US

NEW DELHI: India is all set to send a team to the United States (US) to bring back Narendra Rastogi, who, with his brothers, including London businessman Virendra, has been accused by the CBI of defrauding the exchequer of Rs43 crore while exporting scrap to Commonwealth of Independent States (CIS) countries.

The CBI has been on a hot pursuit of the Rastogi brothers — Virendra, Narendra, Ravindra and Subash — since early 2000. The US authorities have now asked it to send a team for Narendra’s extradition.

The FBI had arrested the four in May 2002 for defrauding banks around the world of an estimated $600m by obtaining finance for sham transactions and then pledging them as collaterals for loans.

The Rastogis have been charged with criminal conspiracy and fraud for cheating the government of Rs430 million in eight different cases of fraudulent duty drawbacks on export of scrap.

The brothers allegedly sought duty drawbacks on exports to Hong Kong and other CIS countries.

The CBI had alleged the brothers used to export scrap but claim duty drawbacks on cycle spare parts.