Billionaire Mehul Choksi accused the Indian government in a London court Monday of orchestrating his "appalling and traumatic" kidnapping and torture in the Caribbean to force him to return to India to face allegations of involvement in an $1.8 billion bank fraud.
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Billionaire Accuses India Of Orchestrating His Kidnap, Torture

By Ronan Barnard

Billionaire Mehul Choksi accused the Indian government in a London court Monday of orchestrating his "appalling and traumatic" kidnapping and torture in the Caribbean to force him to return to India to face allegations of involvement in an $1.8 billion bank fraud.

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Ex-Metro Bank Execs Win Bid To Cut Fines Over Listing Error

By Lucia Osborne-Crowley

An appellate tribunal on Monday reduced financial penalties for two former Metro Bank executives, confirming the bank breached listing rules when it published misleading financial statements in 2018 but finding the executives were honest with the tribunal about the £900 million ($1.2 billion) reporting scandal.

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Trader Says US Extradition For $12M Fraud May Be 'Terminal'

By Christopher Crosby

A British trader wanted in the U.S. for allegedly defrauding investors as part of a $12 million "pump and dump" scheme told a London judge on Monday that his poor health should prevent his extradition on human rights grounds.

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LITIGATION

Mozambique Wins Bid To Add Safa Heirs In $1.9B Dispute

By Ronan Barnard

A London judge ruled Monday that Mozambique should be allowed to add the heirs of shipbuilding magnate Iskandar Safa to the government's claim over a bribery scheme as it seeks to enforce a $1.9 billion damages award.

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VTB Sues JPMorgan Over €17M Asset Sale Amid Sanctions

By Eddie Beaver

VTB has alleged that JPMorgan owes it more than €17.8 million ($21 million) over the American bank's botched handling of a trading account and failing to pay out for assets it sold after the Russian bank was hit with sanctions, widening the legal dispute between the two companies.

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Credit Suisse Life Fights $607M Liability To Ex-Georgian PM

By Lucia Osborne-Crowley

The Bermudan life insurance arm of Credit Suisse challenged court findings Monday that it owes $607 million in damages to the former prime minister of Georgia, saying his losses were due to fraudulent activity by an employee of its banking arm.

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POLICY & REGULATION

Metal Exchange Faces Pushback Over Transparency Plans

By Alex Davidson

Trade bodies representing financial institutions have warned the London Metal Exchange that its long-term proposals for increasing price transparency could risk it unlawfully abusing its dominant position as price data provider.

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PEOPLE

Brief

SFO's Top Accountant Named In King's Birthday Honors List

By Laura Stewart Liberty

Nick Stroud, a top accountant at the Serious Fraud Office, has been recognized with an Order of the British Empire award.

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LAW FIRMS IN TODAY'S NEWS

6KBW College Hill

Baker McKenzie

Blackstone Chambers

Blake Morgan LLP

Brick Court Chambers

Corker Binning

Doughty Street Chambers

Essex Court Chambers

Farrer & Co.

Forsters LLP

Fountain Court Chambers

Gibson Dunn

Herbert Smith Freehills

One Essex Court

Peters & Peters Solicitors

Reynolds Porter

Signature Litigation LLP

Simon Paschal

Simons Muirhead Burton

XXIV Old Buildings

COMPANIES IN TODAY'S NEWS

CME Group Inc.

Credit Suisse Group AG

Futures Industry Association

JPMorgan Chase & Co.

London Stock Exchange Group PLC

Punjab National Bank

Rolls-Royce PLC

VTB Bank

VTB Capital PLC

GOVERNMENT AGENCIES IN TODAY'S NEWS

Financial Conduct Authority

Government of India

Serious Fraud Office

The Crown Prosecution Service

U.S. Securities and Exchange Commission

UK High Court

UK Upper Tribunal