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Indian brothers facing fraud charges
Canada News.Net
Saturday 5th July, 2008
Narendra Rastogi, an Indian man accused of fraud, has been extradited back to his homeland from the US.
Rastogi has been accused of cheating the government of Rs.430 million in the late 1980s.
He faces trial in 13 cases Delhi and Mumbai courts.
Before his extradition, Narendra, one of the four Rastogi brothers accused in various fraud cases, had just completed a jail sentence in the US for defrauding banks around the world of an estimated $600 million, by obtaining finance for sham transactions and then pledging them as collateral for loans.
In India, it is alleged that the Rastogi brothers, Virendra, Narendra, Ravindra and Subhash sought duty drawback on their export consignments to Hong Kong and Confederation of Independent States countries.
Prosecutors have alleged that the brothers used to export scrap material but claimed duty drawback on cycle spare parts.
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