People say that Iyer Vaidyanathan Narayan stole $50 million from other businesses.
He is also being sued for this theft in the New York Supreme Court.
The man works as a banker in Dubai, but he also has a home in Bahrain.
The lawsuit says that Iyer Vaidyanathan Narayan was changing bank statements and hiding the fact that he had stolen money from Astra Global, a global shipping business.
Iyer had worked for Astra Global’s owners for 10 years, from 2009 to 2019.
The claim also says that while he was getting along with the family that runs Astra Global, he was stealing money from their business.
He is being sued because the owners say he gave them false bank records. The case says that Iyer Vaidyanathan Narayan was able to hide his scams for a long time this way.
As part of the case, he has even gotten a summons from a court in New York:
Read on for more about this case:
Iyer Vaidyanathan Narayan Stole $50 Million
Astra Global is owned by the family of Gupta. From 2009 to 2019, Iyer became very close to the family.
Even on their 25th wedding anniversary, which was in 2010, he went to. In 2016, he went to a party for his 80th birthday.
He also went to the funerals of their family members in 2018 and 2019.
The lawsuit, on the other hand, says that Iyer Vaidyanathan Narayan, who usually goes by the name Ganesh, used his contacts to steal $50 from their company.
He used fake bank records to do this.
Also, the claim says that Iyer invested the stolen money and money from several shell companies in high-end hotels. These hotels are in both New York and Florida.
Some of these hotels, like the Dream South Beach in Miami and the Chatwal in New York, are even named in the case.
Also, the claim says that Iyer Vaidyanathan Narayan bought 2,000 acres of land in the Catskills area of upstate New York with the money.
After that, Dubai police picked him up because Astra Global had made a different criminal complaint against him in 2020.
But Iyer was still able to make money from the fake companies even after he was sued and put in jail.
When I called Dubai’s General Department of Criminal Investigation to find out if the arrest was true, they didn’t answer.
What the lawsuit has to say about Iyer’s lie?
The case has a lot of details about how Iyer Vaidyanathan Narayan did this.
It says that he started working with the owners of Astra Global when the company opened an account with Indosuez.
Iyer was put in charge of the relationships. The lawsuit says he would always talk about his other wealthy clients and make it seem like he was a very important banker with a lot of connections.
The claim says that this is how he was able to gain the trust of the Gupta family.
Eventually, Astra stopped checking the e-banking statements and started believing the bank statements Iyer gave them directly.
The lawsuit says that whenever they asked Iyer Vaidyanathan Narayan about something, he always had a lot of reasons why he couldn’t answer.
Fake bank statements and lies
From 2010 to 2016, Asta Global paid around $25 million in dividends each year.
They took this amount out of their accounts with Indosuez and sent it to Tradex, their parent business. They tried to send Tradex $14.5 million in 2019, but Iyer said no.
He said that they can’t make the payment because the account’s cash flow was tied to other assets. So, making the payment would go against the rules about the minimum amount.
The Gupta family and Astra Global didn’t understand why this was happening.
The lawsuit says that Iyer Vaidyanathan Narayan kept putting things off while the family tried to get in touch with someone else at Indosuez.
At this point, Astra Global had not talked to anyone else from Indosuez besides Iyer for three years.
In 2020, they finally heard back from another banker at Indosuez. He pointed out that the name of the email address that was copied on all the messages had two extra characters.
It wasn’t the company’s real email address. It was a fake address that looked like the bank.
Later, the banker sent the bank records that Astra Global had asked for.
When they looked at the new bank accounts and compared them to the ones Iyer had given them, they saw that $171 million was missing.
Also, the new records showed that $45.5 million was taken out of the account in 4 separate withdrawals. The money from these withdrawals went to a bank account that Iyer was in charge of.
The money was then used to buy a long-term lease on the Chatwal, a fancy hotel in Manhattan.
Aside from these claims, the case says that Iyer Vaidyanathan Narayan owned and ran a high-end hotel in Miami, Florida, through a different shell company.
Avoid Iyer Vaidyanathan Narayan
In 2020, after learning about Iyer Vaidyanathan Narayan’s conduct, Indosuez sacked him.
Also, in November 2020 in Switzerland, he was charged with a crime by the bank. On the other hand, the lawsuit says that Astra Global has tried to settle the issue with Iyer but has failed.
It says that Iyer has sold all of his things outside of the US. The claim says that he has done this by selling some of the lands he owns in the Catskills.
The paperwork shows that he owns a house in Bahrain.
Now, Astra Global wants to get at least $50 million in damages and take over the buildings and land.
From what the news and the case say, it’s clear that Iyer Vaidyanathan Narayan isn’t as trustworthy as he says he is.
You should stay away from businesses like these. For instance, Barry Gabster is the CEO of a marketing company. Before he got caught, he tricked hundreds of people and made millions of dollars.
Similarly, Sharon Kleyne is being accused of using dishonest ways to get money for her business.
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