Citi Investigating 'Suspicious Transactions' - TheStreet



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is investigating "suspicious transactions" by an employee in one of its branches in India.

Citi "recently initiated an investigation into a set of suspicious transactions in its Gurgaon branch and immediately reported the matter to the regulatory and law enforcement authorities," the company said in a statement emailed to


. "Through Citibank's proactive steps and in close co-operation with the investigating authorities, the suspicious transactions have been isolated."

Citi is looking into supposed forged documents by an employee, according to


. The banking institution did not say how much money was compromised as a result of the transactions, however the report cited a person familiar with the matter who speculated roughly 3 billion-4 billion rupees ($67-$89 million) and about 30-40 high-net-worth clients.

Citi shares were trading 0.3% higher on Tuesday to $4.78.

--Written by Laurie Kulikowski in New York.

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