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RBI to probe Citibank scam in Gurgaon

Gurgaon , Sat, 01 Jan 2011 ANI

Gurgaon, Jan.1 (ANI): The Reserve Bank of India (RBI) has begun a probe into the Rs. 300 crore scam that took place at the Gurgaon branch of Citibank.


RBI Executive Director G. Gopalakrishna on Friday said a statement in this regard would be made.


Gurgaon Police questioned the Chief Financial Officer (CFO) of the Hero Group, Sanjay Gupta and representatives of brokerage firms Religare and Bonanza in connection with the scam.


Shivraj Puri, a bank executive, had duped customers into depositing Rs. 300 crore in accounts set up by him, making them believe they were investing in a scheme the bank was offering. He had invested the money in two brokerage firms.


The Hero Group had invested a large amount in one of Puri's accounts.urgaon's PoliceCommissioner S.S. Deswal said: "Destination of the money is into these two broking firms."


The Hero Group, however, denied any wrong doing, and issued a statement saying: "These investments were made as part of routine treasury operation in what seemed like perfectly legal investment options. Hero Group is disappointed to learn that it has become a victim of the fraud under question."


According to Gurgaon Police, about 18 to 20 companies and 30 individuals had invested money in Citibank accounts in the last 14 months at Puri's behest. The investment ranged from Rs. 15 lakh and above.olice said Puri had initially even returned some of the money at 20 percent interest to win over their trust.


The scam came to the light when a customer cross checked Puri's offer with Citibank. (ANI)


Read More: Puri

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