An NRI American CEO has been held under bribery charges.
Sailesh Shah (48) who is a resident of California argued his case saying that he was not involved in the case, that he was innocent and appealed to the Judge Richard Steerns that he should be released.
However, Shah will be sentenced in October this year.
If sentenced, Shah will face 20 years of imprisonment. If released alive, he will then be put under surveillance for three years. An additional $2.5 lakh dollar fine will also be slapped on him.
It is learnt that Shah had agreed to give bribes to an investment fund representative to help investors buy shares in his company.
Shah was unaware of the fact that the representative was in reality an undercover FBI agent. The case has been going on for some time now. Ways to minimize stock market fraud were also identified during the trial.
