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US extradites alleged conman to India
India's News.Net
Friday 4th July, 2008 (IANS)
Narendra Rastogi, accused of cheating the government of Rs.430 million in the late 1980s and facing trial in 13 cases Delhi and Mumbai courts, has been extradited by the US to India, the Central Bureau of Investigation (CBI) said here Friday.
'We have secured Narendra Rastogi's extradition and a team is bringing him to India from US. They are expected to arrive at Mumbai airport late Friday. He would be produced in a Mumbai court Saturday,' a senior CBI official said here.
Narendra, one of the four Rastogi brothers accused in various fraud cases, had completed a jail sentence in the US last month.
It is alleged that the Rastogi brothers - Virendra, Narendra, Ravindra and Subhash - sought duty drawback on their export consignments to Hong Kong and the Confederation of Independent States (CIS) countries.
The CBI had alleged that the brothers used to export scrap material but claimed duty drawback on cycle spare parts.
The FBI had arrested Narendra and three others for defrauding banks around the world of an estimated $600 million by obtaining finance for sham transactions and then pledging them as collateral for loans.
Narendra was sentenced to imprisonment till June after he pleaded guilty before a New Jersey court.
CBI sleuths said between 1989 and 1992, the Rastogi brothers obtained 40 import licences for importing zinc, zinc oxide, copper sheets, copper foils, brass scrap and other materials.
'Thereafter, these brothers, in criminal conspiracy with customs officers posted at check posts at Indo-Nepal border, cheated the government to the tune of Rs.130 million by falsely showing fulfilment of their export obligations of around Rs.750.74 million on the basis of forged bills of entries and other customs documents,' said the CBI official.
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