According to a report in the Financial Times, two UBS bankers tried to create Pleuri, an offshore vehicle through which Ambani 'could illegally invest in securities at home'.
The six are Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel. The six, who were arrested 2008, are due to be sentenced on Friday.
An Indian-origin man and his two partners in one of Britain's largest investment scams were today ordered to pay nearly 115 million pounds for illegally accepting deposits from customers without authorisation from the Financial Services Authority (FSA).
There are a number of factors that helped India remain relatively unscathed. Some of them are to do with RBI and some of them are to do with the Indian economy.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
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