The Hindu : Front Page : Hero group official arrested in Citibank case

Online edition of India's National Newspaper
Tuesday, Jan 04, 2011
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Hero group official arrested in Citibank case

Gurgaon: The Rs. 3000-crore Citibank fraud, on Monday, took a new turn with police arresting Hero Group's senior official Sanjay Gupta, who allegedly invested Rs. 250 crores of various group companies with Shivraj Puri, the alleged mastermind of the scam.

“Gupta had invested around Rs. 250 crore from different Hero Group companies and their promoters.

For this, Gupta had formed two finance companies — BG Finance and G2S, and took a commission of Rs. 20 crore from Puri for investing the amount,” Gurgaon Police Commissioner S. S. Deswal told reporters here.

Gupta, an Assistant Vice President with Hero Group, was later produced before a local court which remanded him in police custody for five days.

Corrections and Clarifications

The news report, “Hero Group official arrested in Citibank case” (January 4, 2011, some editions), referred to “the Rs. 3,000-crore fraud.” It should have said: Rs. 300-crore fraud.

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