NRI couple file huge lawsuit against Australian bank

Pankaj&Radhika OswalBusinessman Pankaj and his wife Radhika Oswal have filed the largest legal action in Victoria state, seeking over $1 billion in compensation from the Australia and New Zealand Banking Group (ANZ).

The couple accused ANZ of underselling shares in their West Australian fertilizer company after it was seized by receivers.

In Victoria’s Supreme Court the counsel for the Oswals said his clients’ 65 percent stake in Burrup Fertilizers was sold for $400 million in 2010 and he will show the count evidence to demonstrate that the true value of the shares was in fact $990 million.

Oswal claimed he was bullied by ANZ executives during the sale 6 years ago, and one executive even put him in a headlock and threatened to destroy him before Burrup went into receivership.

The couple found themselves in debt last month when the Australian Taxation Office issued a departure prohibition over an unpaid $136 million Tax Bill. The trial has already cost tens of millions of dollars and it is expected the trial will run for up to six months.