Citibank caught in Rs 400 crore fraud orcshestrated by manager

A RELATIONSHIP manager from Citibank's Gurgaon branch was accused of engineering a fraud worth Rs 400 crore. The accused Shiv Raj Puri from the DLF-II branch has now aroused fear amongst officials about his possible escape from the country for which the police have already issued Look Out Circular (LOC) notice against him and has also alerted the ministry of home affairs and ministry of civil aviation.

A police official, who was also involved in the look out notice told media persons that the details, along with the photograph of Puri, have been sent to all airports across the country with help of the Bureau of Civil Aviation Security. In case he tries to flee the country, he will be apprehended at the airports.

As per the police reports, Puri had been employed with Citibank for over 10 years and was a permanent employee, who used to deal with account holders. In order to swindle money from the bank, Puri had opened three accounts by the names of his relatives and made other customers deposit money into those accounts by using fake Security and Exchange Board of India (SEBI) documents which promised higher rate of returns. The police, however, is also looking into the role played by his relatives and other employees of the bank.

The investigating officer further added that the details are lying with the bank and police has initiated the process to look for them. Also, the statement of those, who have invested the money is important and a team has been set up to get information.