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Thursday, February 5, 2015

India's Sahara says Mirach forged bank letter guaranteeing funds, (NYSE: BAC)

Indian conglomerate Sahara Group said on Thursday a Bank of America letter, submitted by a U.S.-based former broker, guaranteeing funds for a deal for the bail bond of its jailed chief was forged. Reuters reported on Wednesday that it was unclear whether San Jose, California-based Saransh Sharma, who was leading the deal through his company Mirach Capital Group, has the money to pull off the transaction.Sahara said in a statement that it had found out that the Bank of America letter, submitted by Mirach in the Supreme Court as a proof that it has set aside a little over $1 billion for the transaction, was forged.Sahara said it had asked its counsel in London to visit the Bank of America branch in Los Angeles and verify it."We have now received the report ... the information to us is absolutely right and it was a forged letter," the Sahara statement said.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC traded higher by 1.39% or $0.22/share to $16.01. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 81245904 shares of BAC exchange hands on a given day and today's volume is recorded at 33034276.