HC bails out Gurgaon Citibank fraud mastermind, his father | chandigarh | Hindustan Times
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HC bails out Gurgaon Citibank fraud mastermind, his father

chandigarh Updated: May 28, 2012 19:34 IST
Sanjeev Verma
Sanjeev Verma
Hindustan Times
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Mastermind of multi-crore Gurgaon Citibank fraud case, Shivraj Puri, and his father Raghu Raj Puri, who are behind bars at Bhondsi jail in Gurgaon, were granted bail by the Punjab and Haryana high court on Monday.

The high court had earlier granted anticipatory bail to Shivraj Puri's mother Deeksha Puri.

Shivraj Puri is behind the bars since December 2010 and his father was arrested by the police in February 2011. The first FIR was registered against Shivraj Puri and others on December 27, 2010 by Citibank assistant vice-president Binu Sonam and second on January 4, 2011 by one Sanjiv Aggarwal at police station DLF Phase-II, Gurgaon.

Citibank relationship manager Shivraj Puri had allegedly siphoned off around Rs 400 crore of various customers to fictitious accounts. Shivraj was denied the bail by the Gurgaon court after which he had moved the high court on March 2.

Raghu Raj Puri was the managing director of a Kolkata-based firm Normans Martin Brokers Pvt Ltd through which Shivraj allegedly used to divert money into stock markets.

The FIR mentioned that an account was opened in Citibank in the name of Deeksha Puri(Shivraj Puri's mother) and two other relatives of Shivraj Puri(Prem Nath and Sheela) jointly in September 2009.
It was further stated that in December 2009 the bank examined the account and found a lot of transaction had been done from the account.

Shivraj allegedly used to show a forged notification of Securities and Exchange Board of India(SEBI) to sell investment products to clients claiming that these would generate high returns.