Big-time economic offender and CEO of an international metal trading company, Narendra Rastogi, was on Saturday produced at a special sessions court here.
Big-time economic offender and CEO of an international metal trading company, Narendra Rastogi, was on Saturday produced at a special sessions court here, following his extradition from the US on Friday. He has been remanded to Central Bureau of Investigation (CBI) custody till July 11.
The CBI in its observation said that the financial fraud cases involving Rastogi — including that of the customs duty evasion case involving over Rs50 crore will be investigated thoroughly. Rastogi will be probed for his role in at least 13 cases, all registered with the CBI in Mumbai and Delhi.
He was wanted by the CBI for causing loss to the Indian exchequer by way of faking documents while exporting non-ferrous metal to CIS countries. CBI sources said Rastogi, along with his brother Virendra, pretended to be in the business of ‘brokering trades in non-ferrous metals.’
Rastogi was flown back to India following termination of his sentence in America in regard to a spate of anti-trust offences involving over $ 680 million in losses caused to at least 20 banks around the globe.
A senior CBI officer said the agency was tracking affairs of the other Rastogi brothers — Virendra, Ravindra, Subash and cousin Rakesh (all co-conspirators) — since late 2000.
The Federal Bureau of Investigation’s New York office in a press release (dated March 6, 2008) said that Narendra Rastogi controlled an elaborate network of hundreds of bogus companies around the world to serve as fake purchasers of metals so that the defendants could secure loan from banks. While Rastogi controlled the affairs in the US his brother Virendra managed the matters in the UK.
The FBI release also detailed the scope and dimensions of the fraud confirming that hundreds of metal transactions upon which the bank loans hinged simply did not exist.
The FBI had arrested Rastogi and three others in May 2002 for back-to-back defrauding of banks. The investigations into their fake business deals were jointly carried out by the UK’s Serious Frauds Office (SFO) and the FBI.
d_anupam@dnaindia.net
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