Citibank Fraud

• Citibank fraud: Tax dept initiates re-assessment of investors

  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...

• RBI fines Citibank Rs 25 lakh in Gurgaon branch fraud case

  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 ...

• Citibank fraud: 8 employees fired

  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...

• Citibank fraud: Hero CFO's police remand extended

  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 fraud: Vikram Pandit won't be questioned

  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...

• Citibank fraud a systemic failure: Sanjeev Aggarwal

  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...

• Citibank scam: Two more Hero executives who participated

  After its Assistant Vice President Sanjay Gupta was arrested in connection with the 300-crore Citibank scam, the Hero Group  has reportedly identified two more employees who participated in the swindle. "Ganpat Singh and Gaurav Jain -- working in the accounts department have also been identified to have been in possible collusion with Sanjay G...

• Citibank's Vikram Pandit won't be questioned: Gurgaon police

  After one of its big investors filed an FIR naming Citibank CEO Vikram Pandit, and other senior officials, in the Rs 300 crore scam, the Gurgaon police have said they will not be calling Citibank's top bosses for questioning.The decision comes after Citibank issued a statement in strong defence of its honchos, saying the person who filed the case i...

• Citibank fraud: FIR names CEO Vikram Pandit

  The senior-most men at Citibank are now featuring in the controversy over a 300-crore scam pulled off by former manager, Shivraj Puri, who worked at the bank's Gurgaon branch.Puri was arrested last week and has been interrogated extensively by the Gurgaon police. On Tuesday, an investor named Sanjeev Aggarwal who was duped by Puri has filed an FIR ...

• Citibank fraud: Shivraj Puri's parents questioned

  The Gurgaon police has summoned for interrogation the parents of Shivraj Puri, who was suspended as a Citibank manager after he was accused of lying to clients and stealing close to 300 crores from them.The police also questioned officials from the brokerage firms Religare and Bonanza, used by Puri to open trading accounts.Puri who worked at the Gu...

• Statement issued by Hero Group on Citibank fraud

  The Hero Group on Friday acknowledged that it invested close to Rs 29 crores in schemes suggested by Shivraj Puri, the Citibank executive who is believed to have pulled off a 300-core scam at the Gurgaon branch of the bank. However, the group clarified that its flagship company, Hero Honda Motors, had not been impacted by the scam.They issued the f...

• Citibank fraud: Hero Group CFO, Sanjay Gupta, arrested

  Sanjay Gupta who is the Chief Financial Officer of the Hero Group was arrested in connection with the 300-crore Citibank scam today.The Hero Group CFO allegedly got kickbacks for investing the company's money through suspended Citibank manager, Shivraj Puri. He was produced in court where he was remanded to five days custody.A manager at the Gurgao...

• Citibank fraud: Reserve Bank of India to probe scam

  The Reserve Bank of India (RBI) has begun a probe into the Rs 300 crore fraud at Citibank's Gurgaon branch.RBI Executive Director G Gopalakrishna told reporters on Friday, that soon a statement in this regard would be made.  Shivraj Puri, a bank executive, had duped customers into depositing Rs 300 crore in accounts set up by him making them b...

• RBI starts inquiry in Citibank fraud

  Reserve Bank of India (RBI) today said it has initiated a probe into the Rs 300 crore fraud at Citibank's Gurgaon branch and would soon issue a statement in this regard."Any bank where fraud (has taken place), we cannot (ignore)...and from banking side we have to do our own job...how it (Citibank fraud) has happened and what are the implications," ...

• Citibank fraud: CFO of Hero Group questioned

  The Hero Group today acknowledged that it invested close to 29 crores in schemes suggested by Shivraj Puri, the Citibank executive who is believed to have pulled off a 300-core scam at the Gurgaon branch of the bank. However, the group clarified that its flagship company, Hero Honda Motors, had not been impacted by the scam.Puri was arrested yester...