India Arrests Citi Banker In Alleged $85 Million Investment Scheme

shivraj puri

India’s big fraud case against Citi escalated today as banker Shivraj Puri was arrested, according to The Economic Times.

Puri, the relationship manager at the bank’s Gurgaon branch, is accused of siphoning money from millionaires whom he attracted with promises of 18 per cent returns. Other employees at the bank are reportedly under investigation for aiding and abetting fraud.

Puri is said to have stole between Rs 300-400 crore, around $67-85 million, from corporate clients and individuals.

The money supposedly was siphoned to Puri’s father, who invested the money in the stock market through brokerage firm Norway Martin.

The case is being pursued by local police, without any direct help from national agencies RBI and SEBI. The police hope to obtain more information after an interrogation of Puri.

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