Allied Deals Inc.
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| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1989 |
| Founder | Virendra Rastogi |
| Defunct | 2002 |
| Fate | Closed by law enforcement due to Ponzi scheme fraud |
| Headquarters | , |
Key people | Brothers Narendra and Virendra Rastogi |
| Products | Fraudulent trade-brokerage of non-ferrous metals |
Number of employees | 200 (2000) |
Allied Deals was an American company specializing in the trade-brokerage of non-ferrous metals and widely acknowledged as one of the biggest cases of Ponzi scheme bank fraud. The scheme collapsed in 2002. 14 people were convicted in the United States, and three in the United Kingdom. This included brothers Narendra and Virendra Rastogi, who controlled the company.
The company, along with affiliates Hampton Lane, SAI Commodity, and RBG Resources, operated a Ponzi scheme in the United States and the United Kingdom on a virtually unprecedented scale, and defrauded approximately 20 banks out of $683 USD million. Victims included J.P. Morgan Chase, Fleet National Bank, PNC Bank, KBC Bank, Hypo Vereins Bank, Dresdner Bank, China Trust Bank, and General Bank.
Allied Deals Inc. was based in Piscataway, New Jersey.