Scribd
Upload
287 views

Citibank Scam at Gurgaon Retail Branch

Shivraj Puri, a relationship manager at CitiBank's DLF-II Gurgaon retail branch, defrauded around 18 high net worth individuals and corporates of approximately 350 crore rupees. Puri convinced victims to invest in a fake high-return deposit scheme using forged documents claiming approval from SEBI. He diverted invested funds into his personal accounts and stock market investments. The fraud was discovered in December 2010 when customers started contacting other bank employees about the scheme. Puri was arrested and remains in police custody while the bank works to compensate victims.

Uploaded by

Mandeep Dalal
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
287 views

Citibank Scam at Gurgaon Retail Branch

Shivraj Puri, a relationship manager at CitiBank's DLF-II Gurgaon retail branch, defrauded around 18 high net worth individuals and corporates of approximately 350 crore rupees. Puri convinced victims to invest in a fake high-return deposit scheme using forged documents claiming approval from SEBI. He diverted invested funds into his personal accounts and stock market investments. The fraud was discovered in December 2010 when customers started contacting other bank employees about the scheme. Puri was arrested and remains in police custody while the bank works to compensate victims.

Uploaded by

Mandeep Dalal
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 8

CITIBANK SCAM

at Gurgaon Retail Branch


• Bank Branch – DLF - II Gurgaon Retail Branch
• Main accused – Shivraj Puri (Relationship
manager)
• No previous record of fraud on him.
• Total Amount involved – Rs. 350 cr. (approx)
• Victims – High net worth individuals &
corporates
• Scam Revealed on – 28th dec 2010.
• Fake Scheme –
 High returns on high deposits in short term.
 Forged circular in the name of SEBI stating
scheme only that particular branch.

• Convince perspective customers to invest.


• Tapped around 18 customers.
• Puri generated forged bank slips and
statements to the duped customers.
• Puri opened 78 accounts in his name and in
the names of grandparents & his mother.
• The accounts are with different financial
institutions including banks and brokerage.
• Puri started investing that money into stock
market through broking firms like Religare
• Hero Group also has invested in the scheme.
Disclosure of Fraud
• Customers started calling on other phone no
of bank regarding scheme.
• Bank AVP Bindu Soman lodged a complaint.
• Puri was arrested then and still on remand in
police custody till 28th jan.
• Bank decided to compensate principle amount
to the victims.
Why does an employee fraud??
• Is it greed for material gains or thrill of beating
the system????

• To prove that one is smarter than the system


in place.
Prevention of fraud??
• It is more about creating a culture, which
promotes ethical and moral behaviour.
• Zero tolerance to fraud.
• A hotline where people can call in and an email
id.
• Effective whistle blower mechanism
• Employees’ vigilance can prevent large-scale
frauds and process breaches. 
Thank You

You might also like