Galleon-accused Deep Shah hiding in Mumbai while his attorney is in US?
Kiran Chaube
Nov. 7, 2009

According to the court papers filed, Deep Shah received $10,000 to leak non-public information about a proposed takeover of Hilton Group, a client of Moody’s, by Blackstone in 2007. Moody’s was evaluating Hilton debt in connection with the Blackstone takeover and Shah had access to price sensitive non-public information on the takeover.

This information was passed on to Rajaratnam of Galleon, who made a profit of $4 million by trading in Hilton shares. A witness, who is now cooperating with the SEC, made $6,30,000 based on Shah’s information. Shah also received information on the impending auction of an another company called Kronos which he passed on to a tipper for $10,000.

The Federal Bureau of Investigation (FBI) of US is on the look out for former Moody’s analyst Deep Shah, who is now holed up at an undisclosed location in Mumbai, for passing on price-sensitive inside information to Galleon hedge fund controlled by Raj Rajaratnam.

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