Citibank fraud: Shivraj Puri's plea dismissed | india | Hindustan Times
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Citibank fraud: Shivraj Puri's plea dismissed

There seems to be no reprieve for the Rs 400-crore Citibank fraud prime accused, Shivraj Puri, and his associates. A petition by Puri, a former Citibank relationship manager, to transfer the case to CBI has been dismissed by a local court. Sanjeev K Ahuja reports.

india Updated: Nov 08, 2011 01:09 IST
Sanjeev K Ahuja

There seems to be no reprieve for the Rs 400-crore Citibank fraud prime accused, Shivraj Puri, and his associates. A petition by Puri, a former Citibank relationship manager, to transfer the case to CBI has been dismissed by a local court.

He had pleaded that he had no faith in the investigation being carried out by the Haryana Police. The court has also announced his mother, Diksha Puri, a proclaimed offender (PO) for evading arrest, after her anticipatory bail application was rejected.

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 a senior official of Hero Corporate Services on a complaint filed by Citibank officials and a High Net Worth account holder.

Puri along with his associates had illegally diverted funds of high net individuals (HNIs) from their accounts and invested them in the equity market in long-term options.

Puri and his father Raghuraj Puri are lodged in Gurgaon jail.

Citibank lawyer Harish Malhotra said, "The court dismissed his petition, stating that the accused had no power to seek transfer of investigation from one agency to another. This right remains with the state only."

In his petition, Puri had claimed that he had no faith in the investigation conducted by the Haryana Police.

Puri had also contended that the senior officials also knew about the transactions carried out by him and he was being made a scapegoat in the case, despite the fact that the bank had repaid the amount to the investors.