New Delhi: Federal Bureau of Investigation (FBI) is probing the US based Mirach Capital Group, amid the allegations that the group gave a forged bank letter to conglomerate Sahara as part of financing negotiations.
Sahara had sought more than $ 1 billion from Mirach to help bail its chairman, Subrata Roy, out of jail in New Delhi who failed to comply with a court order to repay investors in a bond transaction that was ruled to be illegal.
As the media reports say, Roy's bail was set at $1.6 billion, the highest ever in India, and his company sought to raise money to pay for it. Sahara was willing to use hotels it owns, including New York's Plaza, as collateral.
The company seek Mirach for the financial aid, a group set up by former broker Saransh Sharma, who lives in Northern California. Mirach gave a letter to Sahara that purported to prove the US group had the funds in an account at Bank of America to lend to the Indian company. But after media reports raised questions about its authenicity, Sahara said it was a forgery it would initiate civil and criminal legal action against Mirach in India and the United States.
According to the reports, FBI is investigating Saransh in the case however his lawyer says that Saransh has not been contacted by the FBI.
Meanwhile, a representative from Bank of America declined to comment on the investigation.
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