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Citi fraud: services of 7 employees terminated

Press Trust Of India
Mar 08, 2011 at 10:53pm IST

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Gurgaon: Citibank has terminated services of 7 employees at its Gurgaon branch, where Rs 460 crore fraud was detected last year.

"Following disciplinary procedures, services of a few employees of our Gurgaon branch have been terminated," a Citibank spokesperson said on Tuesday.

These employees were reportedly under suspension ever since the fraud came to light.

Citi fraud: services of 7 employees terminated

These employees were reportedly under suspension ever since the fraud came to light.

Police Commissioner (Gurgaon) S S Deswal said that seven Citibank employees have been terminated but said that they would investigate whether they were part of the scam or not.

Several depositors and high-networth individuals (NHIs) duped to the tune of Rs 460 crore in a fraud allegedly masterminded by Citibank's Global Wealth Manager Shivraj Puri.

Meanwhile, the government today said the Director of Income Tax and Directorate of Enforcement (ED) have initiated investigation in the Citibank fraud case.

"The Investigation Directorate of the Income Tax has initiated necessary inquiries as far as the source of deposit of persons in Citibank is concerned," Minister of State for Finance S S Palanimanickam told Rajya Sabha in a written

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