February 5, 2015 / 4:30 PM / 4 years ago

India's Sahara says Mirach forged bank letter guaranteeing funds

MUMBAI, Feb 5 (Reuters) - Indian conglomerate Sahara Group said on Thursday a Bank of America letter, submitted by a U.S.-based former broker, guaranteeing funds for a deal for the bail bond of its jailed chief was forged.

Reuters reported on Wednesday that it was unclear whether San Jose, California-based Saransh Sharma, who was leading the deal through his company Mirach Capital Group, has the money to pull off the transaction.

Sahara said in a statement that it had found out that the Bank of America letter, submitted by Mirach in the Supreme Court as a proof that it has set aside a little over $1 billion for the transaction, was forged.

Sahara said it had asked its counsel in London to visit the Bank of America branch in Los Angeles and verify it.

“We have now received the report ... the information to us is absolutely right and it was a forged letter,” the Sahara statement said.

Reporting by Sumeet Chatterjee. Editing by John Pickering

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