Within one week of arresting Shivraj Puri, a relationship manager in the private wealth division of one of Citi’s New Dehli branches, investigators are looking for someone higher up in the food chain to pay for alleged fraud at the bank.
Authorities in India just filed an initial investigation against Vikram Pandit and other Citi execs, according to the Wall Street Journal.
UPDATE: Police haved decided not to pursue a case against top Citigroupers, including Vikram Pandit.It was revealed last week that Puri may have forged documents that resulted in between $67-$89 million (about $3 billion-4 billion rupees) being “compromised.”
He allegedly sold investment products to high networth clients, promising that they would generate unusually high returns of 15-20%.
We doubt that Pandit himself can in any way be liable for the scheme… But stranger things have happened. And obviously there is an angry customer out there – by the name of Sanjeev Agarwal – who thinks Citi’s top dogs should pay.
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