Is the Citibank fraud a brainchild of Shivraj Puri alone or the handiwork of a well-networked gang?
With more names cropping up during investigation, police officials are now suspecting the involvement of brokerage company officials too.
In addition to Sanjay Gupta, Ganpat Singh and Gaurav Jain, all employees of Hero Corporate Services Limited, the police have identified three staff members of Hero Exports as suspects.
They all had shared the commission made from the investment deals and made various purchases with the amount.
The possibility of more executives from corporate entities, which had invested money through Sanjay Gupta and Citibank employee Shivraj Puri, being involved is not being ruled out either.
The investigating officials are also zeroing in on some officials of brokerage companies who had invested the magnanimous amount of Rs. 300 crore in the stock market.
Why the brokerage company officials did not stop Puri from investing money in forward trading and that too on the falling index, as he had claimed during police interrogation, is also being probed.
Citibank officials too are yet to get a clean chit though the bank claimed to have thoroughly scanned the transactions of other relationship managers and officials and cleared them.
"It is apparently foolish that someone would indulge in forward trading in Nifty and that too when the Sensex is dipping despite repeated losses," said a said a senior investigating official.
"Puri had started loosing money in November when he invested money on the falling index but he went on undeterred without hedging (ceiling or cap) on the limit of losses. Surprisingly, none of the officials from the brokerage companies ever stopped him from doing so," the official added.
Puri would mostly place stock purchase orders by calling the brokerage company.