After the US, India is all set to approach Britain to seek extradition of Virender, one of the four Rastogi brothers, who is serving sentence there for defrauding banks to the tune of several million dollars.CBI sources said the agency was approaching the authorities in Britain through the External Affairs Ministry requesting for suspension of Virender's sentence and subsequent extradition to India to face trial.A Southwark Crown Court in London recently sentenced Virender for conspiracy to defraud bank to the tune of several million dollars. The accused conned banks into funding non-existent metal trading deals using 324 fake companies that turned out to be housed in small flats and shops.He had figured in the Sunday Times rich list before he was punished to undergo a nine years and six months sentence.India was, meanwhile, awaiting a word from the US to get another Rastogi brother, Narinder extradited. He along with his brothers including Virender has been accused by the CBI of defrauding the exchequer to the tune of Rs 43 crore while exporting scrap to CIS countries.The FBI had arrested Narinder and three others in May 2002 for defrauding banks around the world of an estimated 600 million dollars by obtaining finance for sham transactions and then pledging them as collaterals for loans.According to the CBI, Rastogi brothers, as directors of five firms exported bicycle parts during 1995-96 to Russia and Hong Kong by heavily over-invoicing the value of goods with the objective of dishonestly claiming excess duty drawback from customs.The CBI alleged that the five companies had conspired to cheat the government and ‘knowingly over invoiced the value of export goods by nearly 15 to 20 times’. The case came to light after the Custom department in Mumbai initiated a departmental enquiry against 18 of its officials for passing the consignment of - Allied Deals without any verification. The Custom department had referred the matter of departmental action to Central Vigilance Commission, which in turn asked the CBI to probe the matter which alleged that the Rastogi brothers sought duty drawback on their export consignments to Hong Kong and other CIS (Confederation of Independent States) countries. The CBI alleged that the brothers used to export scrap material but claimed duty drawback on cycle spare parts. About Narinder, the US Federal agency had also sent a request to the CBI to give details about the frauds committed by him in India before he fled to the US. When he was about to be extradited to India, the accused pleaded guilty before a New Jersey court, which sentenced him to imprisonment till June 2008. The CBI team led by the then Joint Director Neeraj Kumar, at present Special Commissioner in Delhi Police, had conducted an investigation into the case and collected evidence before chargesheeting them in the case. The CBI had then also managed to arrest Subash Rastogi and get extradited another brother Ravinder from Dubai.
