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Four Indians among 20 charged in hedge fund scam

The FBI has charged a further 14 people, including two Indians and Wall Street professionals, in a widening USD 53 million insider trading scam, the largest ever such case in the United States.

The latest action brings the number of people who have been charged in the case to 20, including four Indians.

The scam came to light last month with the arrest of Sri Lankan Tamil-origin billionaire Raj Rajaratnam, founder of the Galleon Group founder and hedge fund operator, and five others, two of whom were Indians.

Deep Shah, a former analyst at the Moody's Investor Service, and Gautham Shankar, a former proprietary trader at Schottenfeld Group in New York, were charged yesterday.

Shankar has pleaded guilty, while Shah is still at large.

Anil Kumar and Rajiv Goel (both 51) are the two other Indians who were were arrested last month for allegedly committing the fraud.

Source: Press Trust of India (PTI)


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