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Citibank fraud accused held

PHOTO: PTI

Arrested: Shivraj Puri, the alleged mastermind behind the Citibank multi-crore fraud, being taken away by the police after he was remanded to seven days' police custody by a court in Gurgaon on Thursday.

GURGAON: Shivraj Puri, the alleged mastermind behind the multi-crore fraud in the Citibank branch here, was arrested on Thursday.

Top police officers, however, declined to give details including where exactly he was arrested. He is likely to be produced before a court on Friday. Meanwhile, Gurgaon Police Commissioner S. S. Deswal told reporters that the size of the fraud could be about Rs.300 crore.

He said 40 teams have been constituted to crack the case that involved alleged siphoning of funds taken as investments from high networth individuals into a personal account of the prime suspect Puri and three of his accomplices.

Mr. Deswal said Puri's father Raghuraj Puri purportedly owns a brokerage firm, Norway Martin, through which diverted funds were invested in the stock market.

According to Mr. Deswal, of the Rs.300 crore estimated to be involved in the fraud, Rs.200 crore belonged to corporates and Rs.100 crore to individuals.

Asked whether the Gurgaon Police will seek the help of other agencies in the probe, he said, “We are qualified and competent to investigate. In case it is needed, we will consider it.”

He said Citibank has already informed RBI and SEBI about the fraud, adding that from the interrogation of Puri the police hope to get more clues. - PTI

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