India-born fraud guru given lighter sentence

A man of Indian origin who masterminded an international fraud that led to $680 million in losses to 20 banks worldwide has escaped with a lighter sentence of seven months. Anil Anand was also asked to pay $683.6 million in restitution. Anand, 46, had pleaded guilty to the charges in 2002 and faced upto 30 years, but escaped with a lenient sentence because he cooperated with prosecutors, which led to the arrest of 15 others.