Indian accused of corporate fraud in oz

Indian-origin tycoon Pankaj Oswal has been accused of one of Australia’s biggest corporate frauds for siphoning $113 million out of his Burrup Fertilisers, according to court documents.

Indian-origin tycoon Pankaj Oswal has been accused of one of Australia’s biggest corporate frauds for siphoning $113 million out of his Burrup Fertilisers, according to court documents.

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The Further Amended Statement of Claim was filed in the WA Federal Court in July by receivers PPB Advisory on behalf of Burrup Fertilisers and was heard in court last week.

The receivers are seeking the repayment of an additional $115 million on top of $95 million demanded to be re-paid in
March.

The extra funds allegedly taken out of Perth-based Burrup Fertilisers, which operates one of the world’s biggest ammonia producers in the Pilbara, takes the claim against Oswal to $210 million, The Australian newspaper reported.

In a statement last night, Oswal strongly denied the allegations and said this is another hit and miss claim by the receiver which has no merit.