India link emerges in $3.5-billion forex trading fraud at HSBC

New York/London: An India link has emerged in the alleged USD 3.5-billion forex trading fraud case at British banking giant HSBC, where two senior executives have been accused of doing ‘front-running’ by cheating a client that was selling part-stake in an Indian subsidiary.

The duo has been charged in the US of “conspiracy to commit wire fraud” while the client in question has been identified in media reports as Cairn Energy, which had sold an ownership stake in its Indian subsidiary Cairn India for USD 3.5 billion in 2010 and wanted to convert it into sterling to distribute cash to shareholders.

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Source:Zeenews

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