The prime accused in the Citibank scam, Shivraj Puri, had booked about five high-end apartments in upcoming residential complexes in Gurgaon and made initial payments up to 30% in the last few months.
However, Puri had withdrawn his personal money after Citibank detected his fraud and sacked him to meet his legal and other expenses.
According to sources, Puri, who allegedly masterminded the sum with the help of suspended Hero Corporate Services AVP (accounts) Sanjay Gupta, had invested a major part of the money in long-term Nifty options. "The amount he invested in real estate was small, compared to the money that went into the stock market," said a senior police official.
He had spared a portion of the money for his financial security by investing in real estate.
However, Sanjay Gupta, who reportedly earned a commission of Rs 20 crore from Puri, had invested about Rs 5 crore, that too just in the stock market.
Puri had invested in four-five upmarket under-construction residential projects, costing about Rs 1-2 crore in certain sectors. Sources clarified that instead of out-rightly purchasing the properties by paying 100% cost, he preferred to book apartments in the projects and pay the expense in installments.