Four Indians booked in US hedge fund scam

Posted By: Staff
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New York, Nov 6: The FBI has booked 14 people including four Indian in USD 20 million hedge fund insider-trading scam.

According to media reports, Tamil-origin billionaire Raj Rajaratnam, the founder of Galleon Group, the two Indian Americans identified as Anil Kumar and Rajiv Goel were arrested last month for allegedly committing the fraud.

Goel was the director in strategic investments at Intel Corp's investment arm, while Anil Kumar was working as the director at global management-consulting firm McKinsey & Co.

FBI said in a statement that newly charged persons included Gautham Shankar and Deep Shah

Deep Shah is a former employee of Moody's Investor Service. He has been charged with conspiracy and securities fraud.

Galleon Group is a hedge fund with up to USD 7 billion in assets under management. Out of the USD 20 million, Rajaratnam alone made USD 12.7 million in illegal profits for Galleon.

Eight were arrested on Thursday, Nov 5. Five other defendants had already been charged and have pleaded guilty in federal court in New York to insider trading crimes, FBI added.

OneIndia News

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