Gurgaon, Dec 30 ,2010 This was the time just what India wanted to hear, the perf

ect year-end gift. Yes, its yet another scam created a noise. This time it has
come from the American banking giant Citibank. A case of possible fraud was repo
rted at DLF-II branch, Gurgaon and this scam is reportedly estimated of around R
s 300-350 crore.
Puri surrendered himself to police. He has been taken into custody and will be p
resented before the court later in the day, Gurgaon Police Commissioner S.S. Desw
al told reporters. He said that more arrests could be made after Puri s interrogat
ion.
summary of this case

Citibank manager Shivraj Puri, accused of cheating investors of Rs.300 crore, Gu

rgaon police have registered an FIR against puri, surrendered before police and
was taken into custody Thursday, almost two days after one of India s biggest bank
ing frauds earlier estimated to be worth Rs.100 crore came to light, officials s
aid.
The scam was plotted by none other than an employee of Citi bank Shiv Raj Puri
who was working as a Relationship Manager for the past 7-8 years. The fraud came
to light when the bank s Assistant Vice President Binu Soman noticed suspicious t
ransactions in certain accounts at the DLF-phase II Gurgaon branch.
A police complaint was filed after that, which stated that Puri had opened a joi
nt account in the names of his reletives Prem Nath, Sehna Prem Nath, and Deeksha
Puri in September 2009.
Moreover on this , there were reports that few of customers revealing that the b
ank was running some scheme that promised a very high interest rate.
Puri, the bank s relationship manager, allegedly cheated investors by promising to
double their money. There was no such schemes running which led to an internal
inquiry, according to the senior investigating officer. Since the task of openin
g new accounts had been assigned to him, he managed to dupe many people without
the bank s knowledge. Police and bank sources had Wednesday estimated the fraud to
be of Rs.300 crore.
According to police, Hero group had invested Rs.200 crore in Puri s account and Rs
.100 crore were invested by individual account holders. Puri had further investe
d the money in five major brokerage companies, including Religare, Okaya and Bon
anza.
Puri has also been charged with producing forged circulars from the Securities a
nd Exchange Board of India (SEBI) to con people into investing in a non-existent
scheme and making people believe that the scheme was only available in that par
ticular branch. The Gurgaon police who is investigating the case said that major
clients were connected and the fact that Sebi had not released any form of this
sort was found.
Puri had been on the run since the fraud came to light 30th december 2010..
The Gurgaon police had Wednesday sealed 81 bank accounts of different banks into
which Puri had transferred money and constituted five police teams to solve the
case.