Citibank says working on 'fair compensation' to fraud-affected

Citibank, one of whose Gurgaon branch employees is accused of a Rs 400-crore fraud, today said that it is working towards providing a "fair compensation" to its affected customers.

Citibank, one of whose Gurgaon branch employees is accused of a Rs 400-crore fraud, on Saturday said that it is working towards providing a "fair compensation" to its affected customers.

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The bank has been in touch with its impacted customers and is fully committed to safeguarding their legitimate interests, it said in a statement in here.

"As we have stated earlier, we identified suspicious transactions at our Gurgaon Branch in early December and immediately reported the matter to law enforcement and regulatory authorities. We have since been in contact with our impacted customers and are committed to safeguarding our customers' legitimate interests," the statement said.

One of its employees, Shivraj Puri, is accused of luring high net-worth individuals to invest in a bogus investment scheme on the pretext of high returns, while diverting the funds to the stock market.

On Friday, he was remanded to 14 days judicial custody (till January 28) by a local court. He was initially taken into seven days police custody on December 30, 2010 after the scam was detected.

Later, the police remand of Puri was extended for six days on January 6 and then, subsequently, for two days on January 12.