Gurgaon:
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 has also said that it plans to vigorously contest the charges made by Aggarwal. (Read: Citibank statement)
Aggarwal, however, says the scam reeks of "systematic failure." He believes Puri could not have acted alone at the bank. "One fine day I find there is a gap of Rs 33 crore flown out of my account into accounts owned by their employees," he said. (Watch)
Aggarwal was among the victims of a swindle masterminded by Shivraj Puri, who was the Relations Manager at Citibank's Gurgaon branch who convinced corporate and individual clients to hand over their money to him for high-return investment schemes. Those schemes did in fact not exist. Puri diverted the money into the market through different broking firms, whose officials have been questioned by the Gurgaon police.
Puri was arrested last week after he surrendered in Gurgaon.
He is believed to have colluded with Sanjay Gupta, an Assistant Vice President of the Hero Group, who was arrested on Monday for criminal conspiracy. Hero has said that it lost close to 30 crores because of investments made through Puri. However, the police say that Gupta invested close to 250 crores from different Hero Group companies with Puri. For his services, Puri paid Gupta close to 20 crores as kickbacks, according to the police.
Today, the Hero Group said it has 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 Gupta and Citibank employees," Hero Corporate Service said in a statement. (Read: 2 more Hero employees named)
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 has also said that it plans to vigorously contest the charges made by Aggarwal. (Read: Citibank statement)
Aggarwal, however, says the scam reeks of "systematic failure." He believes Puri could not have acted alone at the bank. "One fine day I find there is a gap of Rs 33 crore flown out of my account into accounts owned by their employees," he said. (Watch)
Aggarwal was among the victims of a swindle masterminded by Shivraj Puri, who was the Relations Manager at Citibank's Gurgaon branch who convinced corporate and individual clients to hand over their money to him for high-return investment schemes. Those schemes did in fact not exist. Puri diverted the money into the market through different broking firms, whose officials have been questioned by the Gurgaon police.
Puri was arrested last week after he surrendered in Gurgaon.
He is believed to have colluded with Sanjay Gupta, an Assistant Vice President of the Hero Group, who was arrested on Monday for criminal conspiracy. Hero has said that it lost close to 30 crores because of investments made through Puri. However, the police say that Gupta invested close to 250 crores from different Hero Group companies with Puri. For his services, Puri paid Gupta close to 20 crores as kickbacks, according to the police.
Today, the Hero Group said it has 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 Gupta and Citibank employees," Hero Corporate Service said in a statement. (Read: 2 more Hero employees named)
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