Three NRIs
convicted for 300 million pounds global fraud
LONDON,
Apr 24: Three Indian-origin businessmen who
swindled banks in Britain and the United States
of more than 300 million pounds by pretending to
run a worldwide metal trading empire have been
found guilty and face a long term in jail.
Virendra Rastogi
(39), Anand Jain (43) and Gautam Majumdar (57),
ex-directors of metal trading business RBG
Resources, were convicted at Londons
Southwark Crown Court of conspiracy to defraud
and remanded to custody this week.
Judge James
Wadsworth told the three they could expect
long prison terms when he sentences
them on June 5.
The conviction
came at the end of a long drawn out international
investigation. When investigators from the
Serious Fraud Office (SFO) swooped on Rastogi in
his Mayfair apartment here in 2002, he was found
shredding wads of documents.
For six years,
Rastogi reportedly conned banks into funding
non-existent metal trading deals using 324 fake
companies that turned out to be based in small
flats and shops, with few assets beyond a table
and chair.
The address of one
company turned out to be a cowshed in India and
another was a launderette in America. Hundreds of
millions of dollars and pounds circulated around
the globe on the instruction of the conspirators.
"This was a
sophisticated and complex enterprise; it
continued for over four years, in increasing
amounts and fooled not only the banks (who
undertook their own due diligence) but also the
auditors," the SFO said after they were
convicted. (PTI)
WWF warns Arctic
ice melting faster than predicted
MONTREAL,
Apr 23: Arctic sea ice is melting
"significantly faster" than predicted
and is approaching a point of no return,
conservation group the World Wildlife Fund (WWF)
warned in a new study.
The volumes of the
Greenland Ice Sheet and ice in the Arctic Ocean
were estimated at 2.9 million and 4.4 million
cubic metres respectively in September 2007, the
lowest ever levels recorded, the organisation
said yesterday.
The sea ice shrank
to 39 per cent below its 1979-2000 mean volume,
it said.
"Recently
observed changes are happening at rates
significantly faster than predicted" by the
2005 Arctic Climate Impact Assessment (ACIA) and
last year's report by the Intergovernmental Panel
on Climate Change (IPCC), WWF said.
The melting of
Arctic sea ice and the Greenland Ice Sheet was
happening so fast that experts were now
questioning whether the situation is close to
"tipping point," where sudden and
possibly irreversible change takes place.
"When you
look in detail at the science behind the recent
Arctic changes it becomes painfully clear how our
understanding of climate impacts lags behind the
changes that we are already seeing in the
Arctic," said Martin Sommerkorn, one of the
authors of the report.
The WWF will
present its report, comprised of the latest
research in the region, to the meeting today of
the Arctic Council, which groups Canada, Denmark,
Finland, Iceland, Norway, Russia, Sweden, and the
United States. (AGENCIES)
Biodiversity
loss hampers medical research: UN book
NEW
YORK, Apr 24: Finding treatments for cancer,
thinning bone disease and kidney failure are at
risk due to biodiversity loss, a new book
released by the United Nations Environment
Programme (UNEP) warns.
Authors of
"Sustaining Life" say threats to land-
and marine-based life forms reduce chances of
creating drugs like safer painkillers, treatments
for blindness and re-growing of tissues and
organs.
Citing example,
they say early studies of the southern gastric
brooding frog, or Rheobatrachus, showed that its
baby frogs produced substances which slow down
acid and enzyme secretions, thus leading
researchers to believe that new inroads could
have been made on treating human peptic ulcers,
which affect 25 million people in the United
States alone.
"But the
studies could not be continued because both
species of the Rheobatrachus became extinct, and
the valuable medical secrets they held are now
gone forever," said Eric Chivian and Aaron
Bernstein, both key authors of the book.
"Sustaining
Life" the compilation of works of over 100
experts supported by UNEP, the Convention on
Biological Diversity (CBD), the UN Development
Programme (UNDP) and the International Union for
Conservation of Nature (IUCN) is the most
far-reaching book on this subject till date.
The experts say
conclusions of the book are not intended to
sanction the harvesting of wildlife in a manner
which further endangers species, but instead that
they should trigger stepped-up conservation and
management efforts.
"Habitat
loss, destruction and degradation of ecosystems,
pollution, over-exploitation and climate change
are among the powerful and persistent impacts
that are running down the planets
nature-based capital, including the medical
treasure trove of the worlds
biodiversity," said UNEP Executive Director
Achim Steiner.
Head of UNDP Kemal
Dervis said people around the world, especially
the rural poor, depend heavily on biodiversity
and its loss would "seriously jeopardize our
prospects for achieving the Millennium
Development Goals by 2015. (PTI)
Japan says no
need to impose broad ban on US beef
TOKYO,
Apr 24: Japan will not impose a blanket ban
on US beef imports, despite the discovery of a
spinal column in a meat shipment from an American
processing plant, a government spokesman said
today.
Japan this week
temporarily halted beef shipments from a US plant
after finding the spinal column, which violated a
trade accord prohibiting parts believed to pose a
risk of mad cow disease.
But Chief Cabinet
Secretary Nobutaka Machimura said the violation
was apparently an isolated case, and Tokyo would
not retaliate by blocking all beef shipments from
the United States.
"We
understand this is not a systematic problem
concerning US exports to Japan and there is no
need to impose an import ban," he told
reporters.
"But this is
clearly unwelcome, and we asked the US government
to fully abide by conditions concerning
Japan-bound shipments," Machimura added.
The spinal column
was discovered April 21 at a Japanese
meat-processing factory during an inspection,
said a statement from the Ministry of
Agriculture, Forestry and Fisheries and the
Ministry of Health, Labour and Welfare.
It was found in
one of 700 boxes shipped from National Beef
California LP and imported by trading house
Itochu Corp, the statement said. Shipments from
the US-based company have been halted.
Japan imposed a
ban on US beef imports in December 2003 after the
first case of mad cow disease was found in the
United States. (AGENCIES)
Glaciers reveal
Mars climate has been recently
active:Study
NEW
YORK, Apr 24: The climate on the Red Planet has
been much more dynamic than previously believed,
suggests a study that could have implications for
the life-on-Mars argument by strengthening the
case for liquid water.
"We have gone
from seeing Mars as a dead planet for three-plus
billion years to one that has been alive in
recent times," said Jay Dickson, a research
analyst in the Department of Geological Sciences
at Brown University in the United States and lead
author of the study that appears in the May
edition of Geology.
"The finding]
has changed our perspective from a planet that
has been dry and dead to one that is icy and
active," he said.
Based on the study
of images taken last year by the Mars
Reconnaissance Orbiter, scientists at Brown
University believe that Mars has gone through
multiple Ice Ages - episodes in its recent past
in which the planets mid-latitudes were
covered by glaciers that disappeared with changes
in the Red Planets obliquity.
Researchers have
documented for the first time that ice packs at
least 1 km (0.6 miles) thick and perhaps 2.5 kms
(1.6 miles) thick existed along Mars
mid-latitude belt as recently as 100 million
years ago, ScienceDaily online said.
The other images
indicates that glaciers flowed in localized areas
in the last 10 to 100 million years - akin to the
day before yesterday in Mars geological
timeline.
The evidence of
recent activity means the Martian climate may
change again and could bolster speculation about
whether the Red Planet can, or did, support life.
(PTI)
|