Police arrest Citibank manager for Rs300-crore fraud
31 Dec 2010
Shivraj Puri, the Citibank manager, who allegedly pulled off a Rs300 crore fraud to dupe investors was arrested yesterday. After his arrest, Puri who is Citibank's relationship manager at the Gurgaon branch was arrested and remanded to a week's police custody.
According to Gurgaon police commissioner S S Deswal, following his arrest in the morning, Puri was produced before a special court as other courts are on winter vacation.
He added duty magistrate Raj Kumar Yadav remanded Puri to 7 days in police custody.
Deswal who spoke to reporters said the fraud could involve a sum of around Rs300 crore.
The alleged fraud came to light when a client mentioned to a senior manager, a high returns investments scheme floated by Puri.
According to Desal 40 teams had tasked to crack the case that involves alleged siphoning off funds meant for investments from high networth individuals into Puri's personal account.