About

Almost everyone has been the target of a scam at some stage in his or her lives, and many people have repeated, ongoing exposure to scam attempts. The aim of SCAMSTERS INC. is to provide you with information you need to Protect Yourself from scams, so you can recognise a set-up and avoid the hook and the inevitable sting of a scam. Its your Daily dose of Scams in your neighbourhood.its an Archive for all thats related to SCAMS,FRAUDs,Etc....

this Site

SCAMSTERS INC provides an Antiscam - Useful External links page to similar and related to Bangalore and rest of India. Finally, SCAMSTERS INC. provides advice for those who have fallen for the bait and been hooked at 'I've been scammed. What should I do?

Extradited scamster produced in court

Posted on 10:05 AM No Comments

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.

Source:DNA

0 comments:

Post a Comment



Subscribe to: Post Comments (Atom)