CBI interrogates Gali's brother

The Central Bureau of Investigation (CBI) on Friday carried out marathon interrogation of former Revenue Minister of Karnataka G. Karunakar Reddy, brother of Gali Janardhan Reddy, in the case against Obulapuram Mining Company (OMC).

The interrogation of Mr. Karunakar Reddy which commenced in the morning went on till night. He was questioned separately from his sibling and the other accused, B.V. Srinivas Reddy, who is the managing director of OMC. Though there were several persons who appeared for questioning before the agency, the officers were said to have confronted each of them separately.

Also present in the CBI office were former director of mines and geology B.D. Rajagopal and mining officials from Sandur village in Karnataka. The CBI on Thursday had interrogated G. Somasekhar Reddy, another brother of Mr. Janardhan Reddy, similarly till late in the night.

Meanwhile, the special court for CBI cases here ordered the investigating agency on Friday to provide Mr. Janardhan Reddy and Mr. Srinivas Reddy minimum facilities at the place where they were held in custody. This is the fourth day of their interrogation in police custody.

Their lawyers had complained to court that they were being shifted to different police stations at night where the conditions were pathetic.

The locations were not suitable for stay by human beings, much less for snatching a sleep after daylong ordeal at the hands of CBI officers. The minimum decency of life guaranteed under Article 21 of the Constitution was violated.

In a memo filed in the court, the lawyers said the CBI carried out interrogation till late in the night taking advantage of the fact that the court did not fix any timing for the purpose when the custody was granted. The two were brought back to CBI office in the early hours from unidentified police stations and subjected to interrogation continuously by different officers.

‘Nothing audible'

The lawyers permitted by court to be present during interrogation were made to sit far away as a result of which nothing was audible to them. They could not even see the interrogation properly.

London: A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested. Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading. He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud. Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Leeson, the man behind the collapse of Barings bank in 1995. It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide. Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades. It was then that Adoboli’s final Facebook message, believed to have been left on Tuesday, September 6, read: ‘Need a miracle.’ Adoboli’s boss John Hughes is reported to have quit his job in the aftermath of the scandal. Sources said he would have faced serious questions about supervision of staff. He could not be reached for comment last night. UBS is understood to have discovered the huge loss late on Wednesday afternoon. City of London Police commander Ian Dyson said the force was tipped off by UBS at 1am yesterday. Within three hours, detectives had entered the HQ of UBS and had also arrested Adoboli, who according to sources was a ‘work-hard, play-hard’ trader who enjoyed the company of a series of attractive women at his flat in Whitechapel, East London. Sources said he earned around £200,000 a year, plus up to £400,000 more in bonuses. Adoboli was formally arrested on suspicion of fraud by abuse of position, and was still in custody last night. Police are liaising closely with the Crown Prosecution Service and a decision on charges could be made over the weekend. He was detained on the third anniversary of the collapse of U.S. investment bank Lehman Brothers, and just three days after an independent report called for tighter regulation of British banks, to stop potentially catastrophic ‘casino’ banking.

Read more at: http://www.news24online.com/Banker-arrested-for-%C2%A31.3bn-fraud_News24_33704.aspx
Copyright © News24online.com

London: A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested. Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading. He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud. Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Leeson, the man behind the collapse of Barings bank in 1995. It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide. Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades. It was then that Adoboli’s final Facebook message, believed to have been left on Tuesday, September 6, read: ‘Need a miracle.’ Adoboli’s boss John Hughes is reported to have quit his job in the aftermath of the scandal. Sources said he would have faced serious questions about supervision of staff. He could not be reached for comment last night. UBS is understood to have discovered the huge loss late on Wednesday afternoon. City of London Police commander Ian Dyson said the force was tipped off by UBS at 1am yesterday. Within three hours, detectives had entered the HQ of UBS and had also arrested Adoboli, who according to sources was a ‘work-hard, play-hard’ trader who enjoyed the company of a series of attractive women at his flat in Whitechapel, East London. Sources said he earned around £200,000 a year, plus up to £400,000 more in bonuses. Adoboli was formally arrested on suspicion of fraud by abuse of position, and was still in custody last night. Police are liaising closely with the Crown Prosecution Service and a decision on charges could be made over the weekend. He was detained on the third anniversary of the collapse of U.S. investment bank Lehman Brothers, and just three days after an independent report called for tighter regulation of British banks, to stop potentially catastrophic ‘casino’ banking.

Read more at: http://www.news24online.com/Banker-arrested-for-%C2%A31.3bn-fraud_News24_33704.aspx
Copyright © News24online.com

London: A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested. Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading. He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud. Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Leeson, the man behind the collapse of Barings bank in 1995. It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide. Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades. It was then that Adoboli’s final Facebook message, believed to have been left on Tuesday, September 6, read: ‘Need a miracle.’ Adoboli’s boss John Hughes is reported to have quit his job in the aftermath of the scandal. Sources said he would have faced serious questions about supervision of staff. He could not be reached for comment last night. UBS is understood to have discovered the huge loss late on Wednesday afternoon. City of London Police commander Ian Dyson said the force was tipped off by UBS at 1am yesterday. Within three hours, detectives had entered the HQ of UBS and had also arrested Adoboli, who according to sources was a ‘work-hard, play-hard’ trader who enjoyed the company of a series of attractive women at his flat in Whitechapel, East London. Sources said he earned around £200,000 a year, plus up to £400,000 more in bonuses. Adoboli was formally arrested on suspicion of fraud by abuse of position, and was still in custody last night. Police are liaising closely with the Crown Prosecution Service and a decision on charges could be made over the weekend. He was detained on the third anniversary of the collapse of U.S. investment bank Lehman Brothers, and just three days after an independent report called for tighter regulation of British banks, to stop potentially catastrophic ‘casino’ banking.

Read more at: http://www.news24online.com/Banker-arrested-for-%C2%A31.3bn-fraud_News24_33704.aspx

Copyright © News24online.com

London: A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested. Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading. He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud. Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Leeson, the man behind the collapse of Barings bank in 1995. It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide. Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades. It was then that Adoboli’s final Facebook message, believed to have been left on Tuesday, September 6, read: ‘Need a miracle.’ Adoboli’s boss John Hughes is reported to have quit his job in the aftermath of the scandal. Sources said he would have faced serious questions about supervision of staff. He could not be reached for comment last night. UBS is understood to have discovered the huge loss late on Wednesday afternoon. City of London Police commander Ian Dyson said the force was tipped off by UBS at 1am yesterday. Within three hours, detectives had entered the HQ of UBS and had also arrested Adoboli, who according to sources was a ‘work-hard, play-hard’ trader who enjoyed the company of a series of attractive women at his flat in Whitechapel, East London. Sources said he earned around £200,000 a year, plus up to £400,000 more in bonuses. Adoboli was formally arrested on suspicion of fraud by abuse of position, and was still in custody last night. Police are liaising closely with the Crown Prosecution Service and a decision on charges could be made over the weekend. He was detained on the third anniversary of the collapse of U.S. investment bank Lehman Brothers, and just three days after an independent report called for tighter regulation of British banks, to stop potentially catastrophic ‘casino’ banking.

Read more at: http://www.news24online.com/Banker-arrested-for-%C2%A31.3bn-fraud_News24_33704.aspx
Copyright © News24online.com

London: A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested. Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading. He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud. Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat. The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London. The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Lee

Read more at: http://www.news24online.com/Banker-arrested-for-%C2%A31.3bn-fraud_News24_33704.aspx
Copyright © News24online.com