US Tamil Tycoon Rajaratnam fights tough legal battle
Members of the extended family were inundated with messages of sympathy,solidarity and support from relatives,friends and well-wishers when New York based Hedge fund billionaire and philanthropist Raj (Rajakumar) Rajaratnam was arrested and produced in a Manhattan court on Friday October 16th.
Raj Rajaratnam
The beleaguered billionaire whose net worth was estimated by “Forbes” to be US$ 1.3 billion faced four charges of conspiracy to commit security fraud and nine counts of securities fraud.
He was released on US $100 million bail with $20 million as collateral. Rajaratnam’s travel documents were also impounded. He was forbidden to travel more than 110 miles of his Manhattan residence.
The 52 year old Tamil tycoon is the founder and managing general partner of the Galleon group of funds. According to “Forbes” Rajaratnam is the 551st richest man in the world and 236th richest in the USA.
FIGHTER
A senior family member while acknowledging and responding gratefully to the supportive messages had this observation about Raj-”His spirits are high. He is a fighter and plans to fight these allegations all the way”.
Rajaratnam who went to work on Monday Oct 19th made a passionate speech to employees declaring his innocence. He then issued a short statement from his Madison Avenue office addressing employees and investors. Emphasising his innocence, Rajaratnam stated that he would fight back resolutely and clear himself of charges. [click here to read the article in full and share your views ~in dbsjeyaraj.com]
