Virendra Rastogi, Anand Jain and Gautam Majumdar, ex-director of metal trading business RBG Resources which went into liquidation in 2002, have been found guilty of conspiracy to defraud and remanded in custody, awaiting sentencing on June 5.

The fraud was discovered during the respective investigations by the liquidators and the Serious Fraud Office, which also involved the Southern District of New York US Attorney's Office and FBI in the USA as well as Department of Justice and Police in Hong Kong.

RBG's sister company Allied Deals which was run by Virendra Rastogi's brother Narendra, comprised the other half of a worldwide fraud, perpetrated for the benefit of the Rastogi family.

RBG obtained funding from banks in UK and Europe, while ADI obtained funds from US banks which was all put into a common 'pot' for the use of the conspirators to support their own lifestyles. Total losses suffered by the US banks at the time of the collapse of ADI in May 2002 were just under $280m (₤140m).