Federal authorities in San Francisco have launched a probe against Saransh Sharma led-Mirach Capital Group (MCG), following allegations that the bank letter purporting to holding $1.05 billion in a Bank of America account is allegedly forged.
The letter was forwarded by MCG to Sahara India, as part of their negotiations on refinancing three of Sahara's boutique hotels and also a part investment in the Indian conglomerate.
The original purchase of the hotels by Sahara India was financed by Bank of China. The company owns New York's The Plaza and Dream Downtown and London-based Grosnover House.
The Group has repeatedly tried to raise a mortgage over the hotels to help pay for the bail amount, with no deal going past negotiations.
Mirach had claimed being backed by wealthy families in the United States and Europe, whose interest lies on securing the ownership of the boutique properties. Even as the deal collapsed, Mirach maintained it would be willing to buy the hotels.
Earlier this month, after reuters questioned the authenticity of the letter, Sahara declared it was forged.
Bank of America issued a statement making clear that it is not involved in the transaction.
Sahara noted that civil and criminal charges would be filed against MCG.
Sharma had admitted to having stolen a client database from one of his previous employers and faces multiple lawsuits.
Sources told Reuters that Sharma is currently being investigated by the Federal Bureau of Investigation in San Francisco. The investigation is directed on the lines of a bank letter forgery, as alleged by Sahara India.
The FBI spokesperson, Gregory Wuthrich, in San Francisco declined to comment on the investigation.
Sharma's lawyer said he had not been contacted by the FBI and called the sources behind the story as "mere propagandist for some group that is adverse to Mr.Sharma and/or Mirach."
A spokesperson for the Bank of America also declined to comment on the investigation.
Sahara India had reportedly collected billions worth of funds in a bond scheme which was later deemed illegal, and the company was ordered by India's apex court to repay the investors with interest.
The Supreme Court, on Tuesday, expressed concern over Sahara India's ability to return ₹30,000 crore when it is not even able to raise ₹10,000 crore for the release of its chief Subrata Roy on bail. Roy and his two senior colleagues are behind bars at present.