Two NRIs indicted in US for fraud
If convicted, the two Indians may get prison sentences between 10 and 30 years and fined up to $250,000.Updated: Oct 05, 2006 02:46 IST
Three men, including two of Indian origin, have been indicted by a US court on charges of fraud and money laundering.
Dinesh Dalmia, a key accused in the 2001 stock market scam, and New Jersey-based Ashish Paul were handed down a 16-charge indictment, which alleges conspiracy to defraud three lenders - GE Capital Finance, CitiCapital Technology Finance and a leasing company.
The third man, William Dowling, faces ten charges for allegedly conspiring with them to launder money.
If convicted, they could get prison sentences between 10 and 30 years and fined up to $250,000.
Announcing the indictments, US District Attorney Christopher J Christie said the government would seek to recover from them $19 million, the amount by which they had defrauded major lenders.
Dalmia, 45, from Fort Lee in New Jersey is currently in judicial custody in Kolkata for alleged stock price manipulations. Paul, 45, was arrested last week from his New Jersey home and Dowling surrendered to FBI and will be tried in a New Jersey court.
It is alleged that Dalmia controlled three New Jersey companies and using the alias 'Nick Mittal' and approached the lenders from 2003 through 2005 seeking multi-million dollar financing through lease-financing contracts for computer equipment and telephone lists for call centres purported to be engaged in debt collection and telemarketing.
First Published: Oct 05, 2006 00:18 IST