NRI millionaire fraudster’s London mansion sold

NRICRImansionVirendra Rastogi, one of Britain’s wealthiest NRI businessmen who was convicted and sentenced in 2008 for his role in a multi-million pound fraud case, has been forced to sell his plush London mansion after being slapped with a confiscation order of 20 million pounds imposed by a UK court.

The head of the Serious Fraud Office (SFO) said the sale and subsequent payments to satisfy the court orders demonstrates the SFO’s commitment to pursuing the recovery of fraudsters’ ill-gotten gains. The SFO has been pursuing confiscation proceedings against Rastogi for nearly five years.

Rastogi’s fraud was committed to support trading on the London Metal Exchange through a company structure based around RBG Holdings Ltd. In 2008 he was convicted after the SFO found his network RBG Resources was a sham.

The total amount recovered from Rastogi is being used to compensate the victims of the fraud.