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Friday, February 6, 2015

India's Sahara says bank letter underpinning rescue deal was forged, (NYSE: BAC)

Indian conglomerate Sahara Group described as fake a Bank of America letter intended to show a U.S.-based firm had enough funds to arrange a $2 billion deal to bail out its jailed boss, Subrata Roy.The statement, issued on Thursday, came a day after Reuters reported evidence that Saransh Sharma, a California man who was leading the deal through his company Mirach Capital Group, didn't have the money to pull off the transaction.Mirach, in a statement emailed to Reuters, denied forging the document and said Sahara's lawyers had verified the company's financial capabilities.Mirach also said it was no longer willing to raise funds for Sahara by refinancing the conglomerate's overseas hotels but "remains ready, willing and able to facilitate an acquisition of these assets". The hotels include New York's Plaza and Grosvenor House in London.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC traded higher by 1.14% or $0.18/share to $15.97. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 81787800 shares of BAC exchange hands on a given day and today's volume is recorded at 92264704.