BANGALORE, Sept. 10, 2004
NRI Press
Gaya Gayatri Nath alias Subramaniam, was arrested in
Bangalore following a request from the Interpol. US court had issued
an arrest warrant against him on May 13, 2002 and a formal request was
received by New Delhi in January last year.
The Interpol, which gathered information that the accused,
who was running non-metal business in the US had taken shelter in Bangalore,
requested the CBI assistance.
His alleged involvement in a far reaching scheme to
defraud a number of major US and foreign banks by fraudulently including
them to issue hundreds of millions of dollars in loan to the "allied
deals" companies of the US and the UK. The "allied deals"
companies belong to the Rastogi brothers, who are facing as many as
10 cases of the CBI.
The US has charged Nath with conspiracy of committing
bank fraud, mail fraud and wire fraud, which carried a maximum of five
years of imprisonment and fine as per the law in that country.