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Shri Gaya Gayatrinath, wanted in a multi-million dollar fraud
case by the United States of America was produced before ACMM,
Patiala House Courts. Bangalore City Police, CBI Interpol,
Ministry of External Affairs and US Embassy officials were
present during the hearing. The accused agreed to go to face
charges in the US after which, he was released on bail. He
has been asked to remain present in Delhi and his passport
has been retained in Judicial Custody. The Ministry of External
Affairs will now seek the permission of the Union Govt. in
consultation with the Ministry of Home Affairs to work out
the modalities for his exit from India to the USA.
Shri Gayatrinath, wanted by the United States for defrauding
a number of major US and foreign banks to the tune of hundreds
of millions of dollars, was tracked down and arrested in Bangalore
at the behest of CBI Interpol Wing, New Delhi. A US Court
had issued an arrest warrant against Shri Gaya Gayatri Nath
on May, 13,2002. The request for his provisional arrest was
received from the U.S. Govt. by the Govt. of India through
Diplomatic Channels in January,2003. Subsequently, it was
sent to CBI Interpol Wing, New Delhi which coordinated with
the Chennai and Karnataka Police. Shri Gaya Gayatrinath has
been facing charges for his involvement in a far reaching
scheme to defraud a number of major US and foreign banks by
fraudulently inducing them to issue hundreds of millions of
dollars in loans to the " Allied Deals Companies"
of USA and UK, purportedly owned by Rastogi Brothers who are
also accused in several CBI
cases. The USA charged him for conspiracy of committing bank
fraud, mail fraud and wire fraud, which carry a maximum sentence
of five years imprisonment as well as fine.
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