London: In a scam that ranged from majestic Mayfair to a cowshed in India, three Indian-origin businessmen — who swindled banks in Britain and the US of more than £300 million, have been sentenced to jail terms ranging from seven-and-a-half years to nine-and-a-half years.
Thirty-nine-year-old Virendra Rastogi, 43-year-old Anand Jain and 57-year-old Gautam Majumdar, ex-directors of RBG Resources, pretended to run a worldwide metal trading empire.
They were convicted at London's Southwark Crown Court of conspiracy to defraud on April 22.
Pronouncing the sentence on Thursday, Judge James Wadsworth said: "They created a very impressive front that fooled banks, the metal exchanges in both countries, (UK and USA), and well-respected accountancy firms."
"They were involved in years of calculated dishonesty," he said and noted that during the trial "they had shown no shadow of regret or remorse or repentance."
Rastogi, who had earlier figured in the Sunday Times Rich List, was sentenced for nine years and six months, Jain for eight years and six months and Majumdar for seven years and six months.
The lead investigator for the Serious Fraud Office, Paige Rumble said: "This was a truly audacious and ruthlessly efficient fraud that ranged from the poorest areas of India to the corporate tower blocks of Manhattan."
"The RBG Resources empire was a family business founded and driven by fraud. The successful prosecution of this case required a huge and technical analysis by the SFO team that unravelled the truth behind the facade and demonstrated to the jury the full extent of the defendants' dishonesty," Rumble added.
Comments
0 comment