Banker accused in Citibank scam surrenders to cops

Dec 30, 2010 |

IANS

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Gurgaon: Citibank manager Shivraj Puri, accused of cheating investors of over 300 crires, surrendered to police here on Thursday, almost 48 hours after one of India's biggest banking frauds came to light.

Haryana Police had issued a lookout circular for Puri, the bank's relationship manager here, after failing to catch him.

His passport details were sent to all international airports in the country to prevent him from escaping from the country, said a police officer in this upscale satellite town adjoining the Indian capital.

Puri reportedly managed to con high net worth investors after forging Securities and Exchange Board of India documents purportedly offering lucrative returns which he said enjoyed Citibank's backing.

The SEBI has now denied the existence of schemes made popular by Puri.

Since the task of opening new accounts had been assigned to Puri, he managed to dupe several people without the bank's knowledge.

In the process, he opened as many as 18 accounts in various banks and asked those who fell into his trap to put their money in them.

Police and bank sources estimate that he duped people of over Rs.100 crore before he was busted this week, unveiling one of the biggest frauds in the Indian banking industry in recent times.

Some of the accounts he opened were in the Gurgaon branch of Citibank and in the name of his relatives Premnath, Sheela and Deeksha.

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