Falsified bank statements and a ten-year transplant. This banker has been accused of stealing $50 million in a lawsuit that claims the money went to hotels in New York, Miami and land in the Catskills.

India’s Gupta family, which controls shipping company Astra Global, has accused a banker in a lawsuit of falsifying bank statements and covering up a long-running affair that stole millions of dollars from the family.

For a decade, Dubai-based Iyer Vaidyanathan Narayan enjoyed a close relationship with the Gupta family between 2009 and 2019, according to a court case filed in New York on August 16.

The lawsuit claims that while Narayan got along well with the family, he also emptied their bank accounts. He was also accused of providing false bank statements so that his clients would not know of his actions.

Perhaps the most bizarre (if true) is that Narayan – who is currently in police custody in Dubai for a separate criminal complaint filed by Astra in October 2020 – is still reap the benefits.

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1. Former Indosuez Wealth Management banker Iyer Vaidyanathan Narayan has been accused of stealing $50 million. The lawsuit also accused him of falsifying bank statements and investing the stolen money in hotels in New York and Miami, and landing in the Catskills.

Narayan, known as Ganesh, was managing director and head of non-resident Indian affairs at Indosuez, the wealth management arm of French bank Credit Agricole.

He flew from Dubai to New Delhi several times to chat with the Gupta family. He attended their happy family events like a 25th wedding anniversary and cried with them at funerals in recent years.

Despite the subtleties, Narayan used embezzled funds and shell companies to invest in hotels like The Chatwal in Midtown Manhattan and Dream South Beach in Miami, according to the lawsuit.

Narayan was fired from Indosuez in the second half of 2020 when the bank became aware of his alleged actions.

Insider’s Zoe Rosenberg and Jack Newsham have the latest on this extraordinary story here.

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Falsified bank statements and a ten-year transplant.  This banker has been accused of stealing $50 million in a lawsuit that claims the money went to hotels in New York, Miami and land in the Catskills.
Peggy Flannery, Managing Director, Generate CapitalGenerate capital

10. And here is our Friday banker of the week. Meet Peggy Flannery, a former Goldman Sachs business and commercial banker who left banking to ply her trade in sustainable investing.

She was just promoted to chief executive of sustainable infrastructure firm Generate Capital and helped the company oversee a one-time deal with Starbucks and raise $2 billion last year from long-term investors like funds. pension.

Discover the full story here.

Offers concluded:

  • Trilon Group, an infrastructure portfolio company of Alpine Investors, acquired Alta Planning + Design, Inc. Alta is a sustainability consulting firm. Trilon manages a group of infrastructure consulting firms.
  • Erie Insurance has launched Erie Strategic Ventures, a venture capital fund that will invest in entrepreneurs working in personal and commercial insurance.

Organized by Aaron Weinman in New York. Tips? E-mail [email protected] or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.