ED to quiz Citibank fraud mastermind | delhi | Hindustan Times
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ED to quiz Citibank fraud mastermind

The Enforcement Directorate(ED) will interrogate Shivraj Puri, the alleged mastermind of the R461-crore fraud case at the Citibank branch in Gurgaon, under anti-money laundering laws.

delhi Updated: Aug 03, 2011 00:30 IST

The Enforcement Directorate(ED) will interrogate Shivraj Puri, the alleged mastermind of the Rs 461-crore fraud case at the Citibank branch in Gurgaon, under anti-money laundering laws.

Sources at the agency said statements of the tainted relationship manager and others associated with him would be soon recorded under the Prevention of Money laundering Act (PMLA).

“They may be arrested under PMLA if investigations require so,” sources said.

Several depositors and high-networth individuals (HNIs) were duped in the fraud that came to light last year.

Haryana police had filed a chargesheet against Puri and capital market regulator Sebi, too, probed the matter as the money was invested in stocks.

As per a Sebi report, Puri took an exposure of a whopping Rs 1.13 lakh crore in the equity market using Rs 236 crore of 51 investors and corporates and lost everything following the decline in stock markets.

Puri allegedly fabricated a Sebi circular to lure people into investing into accounts held by his relatives.