The mastermind of the Rs 400-crore Citibank fraud case, Shivraj Puri, and his father Raghu Raj Puri — who are behind the bars in Bhondsi Jail, Gurgaon — were on Monday granted bail by the Punjab and Haryana high court.
Shivraj got relief in both the FIRs registered against him.
He was charged with luring high net worth individuals and corporate entities into making investment and diverting these investments into stock market and causing huge losses to the tune of R405.52 crore to the investors.
The high court had earlier granted anticipatory bail to Shivraj’s mother Deeksha. The only co-accused in this scam left behind the bars is Sanjay Gupta, the former vice-president of Hero Corporate Services.
Working as a relationship manager with Citibank, Shivraj had allegedly siphoned money amounting to Rs 400 crore of various customers to fictitious accounts. He was denied the bail by the Gurgaon court after which he had moved the high court on March 2 last year.
Raghu Raj 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. The FIR mentioned that an account was opened in Citibank in the name of Deeksha and two other relatives of Shivraj (grandparents Prem Nath and Sheela) jointly in September 2009.
{{/usCountry}}Raghu Raj 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. The FIR mentioned that an account was opened in Citibank in the name of Deeksha and two other relatives of Shivraj (grandparents Prem Nath and Sheela) jointly in September 2009.
{{/usCountry}}It was further stated that in December 2009, the bank examined the account and found a lot of transaction had been done from the account.