Bad gets worse for Subrata Roy’s ex-saviour Mirach | india | Hindustan Times
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Bad gets worse for Subrata Roy’s ex-saviour Mirach

india Updated: Feb 20, 2015 00:43 IST
HT Correspondent
HT Correspondent
Hindustan Times
subrata roy


US authorities are reportedly investigating Mirach Capital, whose bid for Sahara’s off-shore properties collapsed recently amid bitter exchange of charges and counter-charges.

Sahara called off negotiations alleging Mirach CEO Saransh Sharma presented a forged document to establish his financial ability to carry through his $1.55-billion loan offer.

Sharma countered by accusing Sahara of reneging on a deal that would have delivered Mirach Sahara’s New York and London hotels that had been put up as collateral.

Citing sources, Reuters wire service said on Thursday that federal authorities in San Francisco were investigating Mirach, and the allegedly forged letter.

Though Mirach, as first reported by HT, is registered in Florida, Sharma lives in California, an area that falls in the jurisdiction of FBI’s San Francisco unit. The FBI and Mirach and its CEO had not responded to HT’s emails till the filing of this report. Sahara, which needs $1.6 billion to bail its promoter Subrata Roy from jail, was in negotiations with Mirach starting last December for a loan.

It had put up three off-shore properties — the iconic Plaza and Dream Downtown hotels in New York City, and Grosvenor House in London — as collateral. HT was first to write that Mirach was born just a month before the offer.

Sharma announced the deal in January but questions were soon raised about his financial ability to come good. Sharma said the company was floated for the express purpose of pursuing the Sahara deal on behalf of his backers, which he never identified them.

Things quickly soured January-end, with Sahara alleging the Bank of America letter Sharma had presented as proof of his financial banking was a forgery. The bank concurred, telling Reuters it had not issued it.