Ravi Sinha submitted false invoices to a JC Flowers company in a desperate attempt to recoup multi-million pound investment losses made at the height to the credit crunch. Despite the Financial Services Authority finding Mr Sinha had acted "fraudulently" he is to escape criminal prosecution after JC Flowers decided not to request a prosecution. Sources at City of London Police said they were keen to investigate but were concerned the case would be a waste of public money without JC Flowers' full co-operation. The private equity group responded, saying it would co-operate if the police launched an investigation. The row is particularly embarrassing for Flowers as its European chairman is Sir Callum McCarthy, former chairman of the Financial Services Authority.
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