Citi Employee Arrested in Indian Probe: Report

A Citigroup employee in India an accused of stealing $67 million.
By Maria Woehr ,

NEW YORK (

TheStreet

)-- A

Citigroup

(C) - Get Report

employee in India has been arrested on charges of forging documents to lure investors.

Shivraj Puri, a relationship manager at the Gurgaon branch, alledgedly forged company statements and created multiple bank accounts to swindle funds that could total about $66.8 million, according to a report by

The Wall Street Journal

.

The money involved was alledgedly taken from private companies including the

Hero Group

, a motorcycle manufacturer.

Earlier this week it was reported that

Citi was investigating "suspicious transactions" by an employee in one of its branches in India that involved roughly 3 billion-4 billion rupees ($67-$89 million) and about 30-40 high-net-worth clients.

--Written by Maria Woehr in New York.

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