Citi Employee Arrested in Indian Probe: Report
NEW YORK (
)-- 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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