SFO recovers further £295,000 from convicted fraudster’s hidden pensions

The Serious Fraud Office (SFO) has recovered a further £295,000 from Virendra Rastogi, now known as Vareen Kumar or Veerain Kumarr, who was convicted for an international metal trading scam.

The money was recovered from two pension funds as part of an ongoing proceeds of crime investigation into Rastogi’s assets, which has recovered nearly £6 million to date including from the sale of his Marylebone home and via the seizure of money and assets including valuable watches.

Rastogi was one of three former directors of RBG Resources plc who was prosecuted by the SFO in 2008 for operating an international metal trading scam from 1996 to 2002, which defrauded banks around the world out of almost $700m. He was sentenced to nine and a half years in prison.

Alongside fellow directors, Anand Jain and Gautam Majumdar, Rastogi invented over 300 fake customers for the company supposedly based at addresses in Dubai, France, Hong Kong, India, Italy, Singapore and the US. They used these pretend customers to create fictitious metal trades to secure cash advances from banks.

The SFO investigation found instances of supposedly independent customers using the same address, and one customer registered at a premises which was revealed to be a cow shed in India.

The SFO’s proceeds of crime investigation into Rastogi is ongoing.

Director of the Serious Fraud Office, Nick Ephgrave QPM, said:

“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, from pension pots to luxury watches, to ensure criminals like Rastogi don’t benefit from their crimes.”

Article Credit: https://www.sfo.gov.uk/2024/10/05/sfo-recovers-further-295000-from-convicted-fraudsters-hidden-pensions/