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Milder sentence for fraudster

New York: An Indian-origin man who masterminded a major international fraud that led to $680 million in losses to 20 banks wordwide has escaped with a milder sentence of seven months in prison, the time he has already served.

Anil Anand, former chief financial officer of Allied Deals Inc — a metals trading firm, was also asked by U.S. District Court to pay $683.6 million in restitution.

Anand (46) had pleaded guilty to the charges in 2002 and faced up to 30 years in prison but escaped with a lenient sentence because he cooperated with prosecutors which resulted in the arrest of at least 15 people.

The defrauded banks, located in the United States, Europe and Asia, included JPMorgan Chase & Co, Fleet National Bank; PNC Bank; Dresdner Bank Lateinamerika AG; China Trust Bank; and Hypo Vereins Bank.— PTI

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