Left Menu
Development News Edition

Indian-origin banker arrested for billion dollar fraud in Britain


Indian-origin banker arrested for billion dollar fraud in Britain
The three men, all former Credit Suisse bankers, have been released on bail and now face extradition to the US on the charges. (Image Credit: Wikimedia)

An Indian-origin banker is among three people arrested in the UK and face extradition to the US over their alleged role in a USD 2 billion fraud schemes linked with companies in Mozambique. Surjan Singh, 44, was arrested along with Andrew Pearse, 49 and Detelina Subeva, 37, on Thursday in London and charged in an indictment issued by a US District Court in New York, according to the US authorities. The three men, all former Credit Suisse bankers, have been released on bail and now face extradition to the US on the charges.

The scheme allegedly involved loans to state-owned companies in Mozambique, according to a BBC report. The US indictment says that through a series of financial transactions between approximately 2013 and 2016, more than USD 2 billion was borrowed through loans guaranteed by the Mozambican government. It claims over the course of the transactions, the co-conspirators acted to defraud investors. They created maritime projects as fronts to raise money to enrich themselves, and "intentionally diverted portions of the loan proceeds to pay at least USD 200 million in bribes and kickbacks to themselves, Mozambican government officials and others," the indictment reads.

In a statement, Swiss investment bank Credit Suisse said the three former employees were accused by the US authorities of "circumventing our internal controls" in a fraud connected to the Mozambican government. "No action has been taken against Credit Suisse. The indictment alleges that the former employees worked to defeat the bank's internal controls, acted out of a motive of personal profit, and sought to hide these activities from the bank," the statement said.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

Delhi HC vacates its order staying construction of redevelopment project at Nauroji Nagar.

Delhi HC vacates its order staying construction of redevelopment project at Nauroji Nagar....

Putting a premium on fitness, wellness is need of the hour, feels Bindra

What goes into the making of a world-class athlete is a question best answered by Abhinav Bindra -- through his cutting-edge High Performance Centres. He now wants people at large to put a premium on fitness and wellness.By ushering in the ...

Polls to 55 RS seats on March 26

Elections to 55 Rajya Sabha seats falling vacant in April will be held on March 26, the Election Commission announced on Tuesday. Fifty-one of these 55 seats from 17 states are falling vacant on different dates in April due to retirement of...

Fresh stone pelting in Delhi's Bhajanpura

Stone-pelting is taking place between two groups near the Bhajanpura chowk in North-East Delhi. Security has been heightened in the area. More details are awaited.Meanwhile, stone-pelting incidents were also reported from Jafrabad and Maujp...

Give Feedback