Three men appeared in the City of London magistrates' court today, charged with Conspiracy to Defraud involving sums amounting to in excess of $300 million. They were remanded on conditional bail to appear in Southwark Crown Court.
The case has been brought following an investigation conducted by the Serious Fraud Office in conjunction with the City of London Police into the affairs of RBG Resources plc, ("RBG") which went into liquidation in May 2002 deficiencies totalling $445,524,000.
Those charged are Virendra Kumar Rastogi (08.02.68) of London, Anand Kumar Jain (08.05.65) of London and Jayeshkumar Raojibhai Patel (02.10.68) of Milton Keynes.
Virendra Rastogi was a Director and Chief Executive Officer of RBG, Anand Jain was a director and Jayeshkumar Patel was a senior manager and Vice President of Structured Finance.
The offence charged is as follows:
Virendra Rastogi, Anand Jain and Jay Patel between 1 January 1996 and 1 June 2002 conspired together and with others to defraud lending institutions by inducing them to provide finance to RBG Resources plc (also known as Allied Deals plc) ("RBG") secured upon RBG's metal transactions by dishonestly representing to such lending institutions that:
- All such metal transactions represented the genuine sale of metal and/or;
- Such metal transactions were at arms length to RBG and/or
- Such metal transactions were with counterparties not connected to or otherwise controlled by RBG.
Notes:
- A preliminary hearing is listed for 9 November at Southwark Crown Court.
- The Serious Fraud Office investigation, in conjunction with the City of London Police, commenced in May 2002.
Serious Fraud Office
Elm House,
10-16 Elm Street,
London WC1X 0BJ
Tel: +44 (0)20 7239 7001,
Fax 44 (0)20 7837 1173,
www.sfo.gov.uk
