Citibank `fraudster' Shivraj Puri surrenders in Gurgaon court
30 Dec 2010
Shivraj Puri, the alleged mastermind behind the Rs350-crore fraud at the Citibank's Gurgaon branch, today surrendered before the court and police is reported to have sought his custody.
Police sources said Rs200 crore of the Rs300 crore funds in question belonged to the Hero Group family. Broking companies Religare, Bonanza, Okaya and another company are also involved in the fraud, according to police sources.
Gurgaon DCP said the police have traced nearly 80 accounts of banks and brokerages.
Citigroup, which is investigating a Rs350-crore fraud at its Gurgaon branch, has filed charges against Shivraj Puri, who is alleged to have siphoned off around Rs350 crore from various high net worth (HNI) clients.
The Reserve Bank of India and market regulator Securities and Exchange Board of India (SEBI) and the police are jointly investigating the fraud.
Puri is said to have used a forged SEBI letter to attract high net worth clients to invest in unauthorised schemes. The monies thus received have been transferred with the promise of getting extra benefits and higher returns.