METAL SCAMS
June 1st, 2002
BY PHILIP FINE
IN the US, four men have been arrested after police dismantled a scheme that for at least two years secured loans of more than US$600 million (GBPounds406 million) for non-existent metal-trading deals.
According to American prosecutors, the men secured loans by using shell companies but their plan broke down when some of the nine banks involved discovered that the defendants' customers stopped making loan payments simultaneously.
One of the men charged with fraud is Narenda Kumar Rastogi, chief executive officer of Allied Deals, Hampton Lane, and ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.