Former Nomura banker jailed for £54m fraud

14 January 2011

Former Nomura banker jailed for £54m fraud
A former executive from Nomura has been sentenced to seven years behind bars for his role in a plot to deceive banks and firms out of more than £50 million.

Matthew Hinds, an ex-vice-president at the bank’s fixed income unit and Ganendran Subramaniam were both given jail terms after they were found guilty of conspiring to defraud by forging documents in a bid to gain commercial mortgages.

The pair used Astrobridge as the basis for their fraud by placing a deposit on the Shell subsidiary – then claimed that they were acting on behalf of the firm in bidding for mortgages on three London properties.

Mr Hinds received a seven-year jail terms while his accomplice, who was unemployed at the time, was sentenced to eleven years in jail at Southwark Crown Court

In a statement, the bank said: “As soon as Nomura discovered Matthew Hinds’ actions in 2007, we alerted the relevant authorities including the police.

“Since then we have fully supported their enquiries. The attempted fraud by Matthew Hinds was in a personal capacity and not related in any way to Nomura’s business.”

The pair was caught when a letter was sent to Nomura by one of the intended victims of the fraud.

By Jim Ottewill
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