17 months on, Citi scam accused walks out of jail | gurgaon | Hindustan Times
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17 months on, Citi scam accused walks out of jail

Former bank executive Shivraj Puri, the prime accused in the Rs. 400-crore Citibank fraud case, was released on bail on Thursday from the Bhondsi jail near Gurgaon, where he had been lodged for the last 17 months.

gurgaon Updated: Jun 01, 2012 01:13 IST

Former bank executive Shivraj Puri, the prime accused in the Rs. 400-crore Citibank fraud case, was released on bail on Thursday from the Bhondsi jail near Gurgaon, where he had been lodged for the last 17 months.

He and his father Raghuraj Puri, a co-accused in the case, were granted bail by the Punjab and Haryana High Court on Monday.

While Raghuraj was released on Wednesday, Shivraj's release came after his lawyers submitted his passport and furnished bail sureties of Rs. 2 lakh each for two separate FIRs under which he was booked for forgery and cheating in December 2010.

The surety amount was decided by Gurgaon chief judicial magistrate (CJM) Rajesh Sharma on Thursday.

The high court, while granting them bail, had fixed Rs. 5 lakh bail surety for Raghuraj while it had left it to the discretion of the CJM to decide his son’s bail amount.

The court had, however, said that he should be released on a “heavy bond” amount.

The Puri family is believed to be in financial crisis due to the ongoing litigation.

After being released, Shivraj told Hindustan Times, “Being in jail has taught me to value freedom. I always had faith in the judiciary. However, this is only a temporary relief.”

Puri’s uncle had come to pick him up from jail and reportedly dropped him at his (Shivraj’s) house in DLF Phase 4.

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

The only co-accused still behind bars is Sanjay Gupta, former vice-president of Hero Corporate Services.

Shivraj, a former relationship manager with Citibank, had allegedly siphoned off around Rs. 400 crore of various customers to some fictitious accounts.

Puri was booked under sections 420, 467, 468, 471 and 120B of the Indian Penal Code (IPC) early this year along with his parents and Gupta on a complaint filed by Citibank officials and a high net worth account holder.

Raghuraj 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.