NEW YORK ( TheStreet) -- A senior executive at India-based Hero Group has been arrested in an investigation concerning an alleged $67 million fraud from Citigroup ( C) in India.

Police told The Wall Street Journal that the senior Hero executive -- Sanjay Gupta -- may have received 200 million rupees, or $4.4 million of the $67 million.

Shivraj Puri, a relationship manager at Citigroup's Gurgaon branch, was arrested last week for allegedly forging company statements and creating multiple bank accounts to allegedly swindle money. The manager was arrested after the bank found some suspicious transactions at its Gurgaon branch.

--Written by Maria Woehr in New York.

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