Wednesday, December 29, 2010
SHIVRAJ PURI CITIBANK | SHIVRAJ PURI IN RS 350 CRORE FRAUD NEWS
The DLF-II branch of Citibank has unearthed a fraud allegedly engineered by its relationship manager, Shiv Raj Puri, which initial estimates suggest could be of the order of Rs 300-350 crore.The fraud, one of the biggest of its kind, came to light when the foreign bank launched an investigation into a certain set of suspicious transactions involving a few accounts in the Gurgaon branch. Subsequently, the bank’s assistant vice-president Binu Soman lodged a complaint with the local police, giving details of the plot. A case of fraud has been registered against the manager and three of his close relatives.
According to the police, Soman’s complaint states that Puri had got a joint account opened in the names of Prem Nath, Sehna Prem Nath, and Deeksha Puri in September 2009. Earlier this month the bank checked the joint account and realised that there were large cash transactions from this account.
Besides, the bank received inputs from some of its customers that the branch had a specific scheme that promised a very high interest rate to the investors, which was not the case. That made Citi suspicious and they started investigating the matter internally, said a senior police officer.
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