Virendra Rastogi fraud recovery from the The Serious Fraud Office (SFO). The SFO has once again demonstrated its resolve in pursuing justice, recovering an additional £295,000 from Virendra Rastogi’s hidden pensions.
Convicted for a massive international metal trading scam, Rastogi and his associates defrauded banks of nearly $700 million.
This latest recovery effort adds to the nearly £6 million reclaimed from his ill-gotten gains and highlights the SFO’s commitment to holding fraudsters accountable.
SFO’s Ongoing Recovery Efforts
Virendra Rastogi, now known as Vareen Kumar or Veerain Kumarr, once appeared in the Sunday Times Rich List. Behind the facade of success, however, was one of the largest financial frauds in recent history.
From 1996 to 2002, Rastogi and his co-directors at RBG Resources plc orchestrated a sophisticated international scam, inventing over 300 fictitious customers. These fake clients, supposedly based in countries including Dubai, France, and India, were used to secure fraudulent cash advances from banks across the globe.
In April 2008, the SFO successfully prosecuted Rastogi, Anand Jain, and Gautam Majumdar, securing prison sentences. Rastogi was sentenced to nine and a half years, with the judge noting their “calculated dishonesty” and lack of remorse.
Yet, Rastogi’s sentencing was only the beginning of the SFO’s determined pursuit to reclaim stolen assets.
Recent Asset Seizures
The latest £295,000 recovery from Rastogi’s pension funds is part of a broader strategy. Over the years, the SFO has used its powers to seize a range of assets, including:
- Luxury watches,
- A Marylebone property,
- Account balances exceeding £247,000.
These efforts have so far reclaimed nearly £6 million.
Nick Ephgrave QPM, Director of the SFO, stated:
“Our work to bring justice doesn’t stop at conviction. We proactively seek out and pursue the proceeds of crime in whatever form they take.”
This proactive approach has ensured that Rastogi and his associates do not continue to benefit from their deception.
International Fraud Network
The scale of Rastogi’s scam was vast, stretching from the UK to India, Hong Kong, and the United States. His brothers—Narendra, Ravindra, and Subhash—played active roles in different parts of the world.
The SFO’s investigation uncovered fraudulent schemes involving customer addresses as far-fetched as a cow shed in India. These findings underscore the complex web of deceit used to defraud banks.
Financial Recovery Summary
| Asset Type | Amount Recovered (£) |
|---|---|
| Pension funds | 295,000 |
| Account forfeiture | 247,911.89 |
| Luxury items & property | ~5.5 million |
| Total | Nearly £6 million |
The Broader Implications
The Rastogi case serves as a cautionary tale about the dangers of unchecked corporate greed and the lengths to which financial criminals will go. For mobile readers, this case demonstrates the importance of robust regulatory frameworks and the relentless pursuit of justice. By seizing assets, the SFO not only recovers stolen funds but also sends a clear message: financial crime does not pay.
Sources: THX News, Lawyer Monthly & Serious Fraud Office.
