PTI

Indian insider trading suspect still at large

Sat, Nov 7 11:44 PM

Betwa Sharma New York, Nov 7 (PTI) America''s FBI officials are still searching for Indian-origin Deep Shah, a former analyst at Moody''s Investors Service who is believed to be in Mumbai, in connection with the USD 53 million insider trading scam, the largest ever such case in the United States. Shah, 27, and Gautam Shankar, 35, join two other Indians to be implicated in what is being described as the largest ever insider trading scandal to hit the US. Earlier, Rajiv Goel, director in strategic investments at Intel Corp''s investment arm, and Anil Kumar, a director at global management-consulting firm McKinsey & Co, both 51, have been charged for fraud.

Five out of the twenty charged, including Shankar, have pleaded guilty and a few are cooperating with the authorities. Last month, one of richest men in America and Galleon Group founder Rajaratnam was charged in the insider-trading case.

He received 13 charges, four counts of conspiracy and eight counts of security fraud. According to federal authorities, Shah gave insider information about Hilton Group takeover by Blackstone Group LP, to one Roomy Khan, 51, who has previously worked with Intel Corp.

and Galleon who then passed it over to Rajaratnam. MORE PTI BS.

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