Two employees of Hero Corporate Services Limited (HCSL), who were suspended by the company for their alleged involvement in the Rs 400-crore Citibank fraud, are likely to be arrested soon.
According to sources, the investigation team had interrogated them and “found” that the accused had played a role in the scam.
Moreover, Sanjay Gupta, former associate vice-president of HCSL, told interrogators that he had floated a company, G2S Management Consultants, and took the tainted employees — Gaurav and Ganpat — on board.
“The examination of the flow of fund has revealed that in all the transactions, G2S was the only beneficiary.
Gupta revealed that G2S stands for Gaurav, Ganpat and Sanjay,” said a senior police officer who doesn't wish to be named.
After Gupta's involvement in the fraud came to light, HCSL had initiated an internal investigation following which he was dismissed. Puri used to deal with high networth investors before he came in contact with Sanjay Gupta.
Egged on by Gupta, Puri started focusing on corporate investors and the former mobilised fund from corporates using his clout in the Hero Group of companies.
Investigators said, “As per the deal, Gupta used to get a commission for every corporate investment. Majority of high value transactions had taken place after May last.”
Meanwhile, names of some other officials of Hero Group entities had also cropped up during the course of investigation. Three senior executives, including the chief financial officer (CFO) of Hero Exports, allegedly received kickbacks for routing investments in the stock market through Puri and Gupta.
Hero Exports had invested Rs 97 crore while HCSL had put in Rs 13.75 crore through Gupta.
The Gurgaon police had earlier claimed that Gupta, who is lodged in district jail, had admitted to having paid a total commission of Rs 1.54 crore to executives of Hero Group.