Citi revealed yesterday that it was looking into “suspicious transactions” by one if its workers in India.
An employee called Shivraj Puri from the bank’s Gurgaon branch is accused of forging documents that resulted in between $67-$89 million (about $3 billion-4 billion rupees) being “compromised.”
By that, we think the mean the money “disappeared.”
Puri is accused of selling investment products to high networth clients, promising that they would generate unusually high returns of 15-20%. The forged documents probably came in handy as proof of the products ability to return so much, and who knows where the money actually went. For all we know, te clients could have been investing in Puri’s new vacation home in Jakarta.
And now, it turns out he wasn’t acting alone.
Multiple individuals has now been identified in the alleged crime, the Economic Times reports.
Puri, who is a relationship manager in the private wealth division at the branch, and three others have been charged.
The fraud affects about 30 high-net-worth clients, and 18 accounts have now been frozen.
The scam is supposed to have been going for only a few months.
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