India's Sahara says bank letter underpinning rescue deal was forged

February 6, 2015 6:14 AM

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(Reuters) - Indian conglomerate Sahara Group said on Thursday that a letter intended to support a $2 billion transaction with a U.S.-based former broker was forged, dealing a major setback to the group's efforts to secure bail for its jailed boss, Subrata Roy.

The statement came a day after Reuters reported evidence that Saransh Sharma, a California man who was leading the deal through his company Mirach Capital Group, didn't have the money to pull off the transaction. A manager at Bank of America told Reuters he didn't write a crucial letter, attributed ...

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