February 18, 2015 / 11:14 PM / in 3 years

Exclusive: U.S. authorities probe alleged forged letter from Mirach in Sahara deal

Sahara Group Chairman Subrata Roy gestures as he speaks during a news conference in Kolkata in this file November 29, 2013 photo. REUTERS/Rupak De Chowdhuri

SAN FRANCISCO/NEW YORK (Reuters) - Federal authorities in San Francisco are probing U.S.-based Mirach Capital Group, two sources familiar with the situation told Reuters, amid allegations that the group gave a forged bank letter to Indian conglomerate Sahara as part of financing negotiations.

Sahara had sought to borrow more than $1 billion from Mirach to help bail its chairman, Subrata Roy, out of jail in New Delhi. Roy was jailed last year for contempt charges for failing to comply with a court order to repay investors in a bond transaction that was ruled to be illegal.

A lawyer for Sharma said that Sharma has not been contacted by the FBI, and an FBI spokesman said he could not confirm or deny an investigation.

Reporting by Dan Levine and Emily Flitter; Editing by David Gregorio

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