Citibank Fraud

A 29-year-old Indian origin single mother was on Monday sentenced to six months jail for cheating Citibank by submitting forged documents to secure loans.

A British trader was jailed Monday for 14 years for rigging the Libor lending rate while working for UBS and Citibank, in a landmark conviction the judge said would send a message to the banking world.

Federal prosecutors said they have charged five men responsible for a hacking and credit card fraud spree that cost companies more $300 million and two of the suspects are in custody, in the biggest cyber crime case filed in US history.

If you lose your credit card, inform your credit card company immediately. This will enable the card issuer to freeze the card with immediate effect and prevent any purchases on the card. Remember, your liability is limited once you inform the credit card issuer.

The Enforcement Directorate has issued orders attaching assets worth about Rs 20 crore in connection with its money laundering probe in the Citibank Gurgaon fraud scam.

In a double whammy for investors who lost their money in the Rs 400 crore Citibank Gurgaon scam as the Income Tax department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was reflected in their annual returns. The department's various tax assessment wings will undertake the process of re...

The Reserve Bank has imposed a penalty of Rs 25 lakh on US-based Citibank for not following account opening and anti-money laundering norms at its Gurgaon branch, which witnessed a fraud of Rs 461 crore last year. "The failure in following the Know-Your Customer (KYC)/Anti-Money Laundering (AML) guidelines while opening accounts led to the ...

Investors had lost around Rs 250 crore after their money was invested by Citibank fraudster Shivraj Puri in Nifty options, said a police chargesheet filed in the Rs 400-crore scam. As per the chargesheet filed in the Civil Senior Division Court on Tuesday, a sum of Rs 292.68 crore, fraudulently obtained from investors, was invested by Puri ...

Citibank's Gurgaon branch  has terminated services of eight employees including Puri in connection with the Rs 460 crore fraud. "Following disciplinary procedures, the services of a few employees of our Gurgaon branch have been terminated," a Citibank spokesperson had said.  Several corporates and High-Networth Individuals (H...

The government on Friday said that Reserve Bank of India (RBI) has conducted a special inquiry into Rs 460-crore Citibank fraud case and was in the process of completing its final report. "RBI has conducted a special scrutiny of the related accounts at Citibank, Gurgaon (branch) and other connected accounts at other banks. The final report i...

Citibank has witnessed maximum 92 frauds of cloning of debit/credit cards or use of fake cards involving over Rs 1.89 crore from 2007-08 to December 2010.   "Largest number of such frauds belong to Citibank from 2007-08 to December 2010 .RBI's committee has suggested a number of steps including replacing the magnetic strip on cards by a...

A Chartered Accountant firm hired to help crack the Rs 460 crore fraud at a Citibank branch will submit its report soon, says Gurgaon police.Soon after the arrest of the alleged mastermind Shivraj Puri, relationship manager at Gurgaon branch, the Police had hired the firm to study money trail. Meanwhile, Citibank has terminated services of eig...

The Gurgaon court has extended police remand of Hero Group CFO Sanjay Gupta in Citibank fraud case by another seven days. Sanjay Gupta who is the Chief Financial Officer of the Hero Group was arrested in connection with the 300-crore Citibank scam.The Hero Group CFO allegedly got kickbacks for investing the company's money through suspended Ci...

Citibank CEO Vikram Pandit and his colleagues in the bank's top-most rung will not be questioned in connection with the 300-crore Citibank scam that was born in Gurgaon near Delhi.Pandit and 10 other senior Citibank were named in an FIR filed by one of victims of the scam, Sanjeev Aggarwal. The Gurgaon police say they will not be summoned. Citibank...

Sanjeev Aggarwal, the first complainant in the Rs 300 core Citibank fraud, says the fraud is a systemic failure, and everyone is responsible for it.He claims he lost Rs 33 crores in the scam, and Citibank should make good his losses. He also alleges the fraud is not just a brank issue, and multiple parties must be involved in such a big fraud.Accor...

A 29-year-old Indian origin single mother was on Monday sentenced to six months jail for cheating Citibank by submitting forged documents to secure loans.

A British trader was jailed Monday for 14 years for rigging the Libor lending rate while working for UBS and Citibank, in a landmark conviction the judge said would send a message to the banking world.

Federal prosecutors said they have charged five men responsible for a hacking and credit card fraud spree that cost companies more $300 million and two of the suspects are in custody, in the biggest cyber crime case filed in US history.

If you lose your credit card, inform your credit card company immediately. This will enable the card issuer to freeze the card with immediate effect and prevent any purchases on the card. Remember, your liability is limited once you inform the credit card issuer.

The Enforcement Directorate has issued orders attaching assets worth about Rs 20 crore in connection with its money laundering probe in the Citibank Gurgaon fraud scam.

In a double whammy for investors who lost their money in the Rs 400 crore Citibank Gurgaon scam as the Income Tax department has initiated a re-assessment of tax returns of these people to ascertain whether the money invested was reflected in their annual returns. The department's various tax assessment wings will undertake the process of re...

The Reserve Bank has imposed a penalty of Rs 25 lakh on US-based Citibank for not following account opening and anti-money laundering norms at its Gurgaon branch, which witnessed a fraud of Rs 461 crore last year. "The failure in following the Know-Your Customer (KYC)/Anti-Money Laundering (AML) guidelines while opening accounts led to the ...

Investors had lost around Rs 250 crore after their money was invested by Citibank fraudster Shivraj Puri in Nifty options, said a police chargesheet filed in the Rs 400-crore scam. As per the chargesheet filed in the Civil Senior Division Court on Tuesday, a sum of Rs 292.68 crore, fraudulently obtained from investors, was invested by Puri ...

Citibank's Gurgaon branch  has terminated services of eight employees including Puri in connection with the Rs 460 crore fraud. "Following disciplinary procedures, the services of a few employees of our Gurgaon branch have been terminated," a Citibank spokesperson had said.  Several corporates and High-Networth Individuals (H...

The government on Friday said that Reserve Bank of India (RBI) has conducted a special inquiry into Rs 460-crore Citibank fraud case and was in the process of completing its final report. "RBI has conducted a special scrutiny of the related accounts at Citibank, Gurgaon (branch) and other connected accounts at other banks. The final report i...

Citibank has witnessed maximum 92 frauds of cloning of debit/credit cards or use of fake cards involving over Rs 1.89 crore from 2007-08 to December 2010.   "Largest number of such frauds belong to Citibank from 2007-08 to December 2010 .RBI's committee has suggested a number of steps including replacing the magnetic strip on cards by a...

A Chartered Accountant firm hired to help crack the Rs 460 crore fraud at a Citibank branch will submit its report soon, says Gurgaon police.Soon after the arrest of the alleged mastermind Shivraj Puri, relationship manager at Gurgaon branch, the Police had hired the firm to study money trail. Meanwhile, Citibank has terminated services of eig...

The Gurgaon court has extended police remand of Hero Group CFO Sanjay Gupta in Citibank fraud case by another seven days. Sanjay Gupta who is the Chief Financial Officer of the Hero Group was arrested in connection with the 300-crore Citibank scam.The Hero Group CFO allegedly got kickbacks for investing the company's money through suspended Ci...

Citibank CEO Vikram Pandit and his colleagues in the bank's top-most rung will not be questioned in connection with the 300-crore Citibank scam that was born in Gurgaon near Delhi.Pandit and 10 other senior Citibank were named in an FIR filed by one of victims of the scam, Sanjeev Aggarwal. The Gurgaon police say they will not be summoned. Citibank...

Sanjeev Aggarwal, the first complainant in the Rs 300 core Citibank fraud, says the fraud is a systemic failure, and everyone is responsible for it.He claims he lost Rs 33 crores in the scam, and Citibank should make good his losses. He also alleges the fraud is not just a brank issue, and multiple parties must be involved in such a big fraud.Accor...