Most visited

Facebook tops Google as the most visited site in US.

Read Article...

User

Bullion sales

The last angry man's problem with IMF gold sales.

Read Article...

User

Hero Group official Sanjay Gupta arrested in Citi fraud case

Gurgaon: Police today arrested a senior official of the Hero Group, Sanjay Gupta, in connection with the estimated Rs300 crore Citibank fraud case, reports PTI.

Mr Gupta, who is the associate vice president (accounts) of one of the Hero Group entities-Hero Corporate Services-has been arrested under the section 120B of the Indian Panel Code that deals with criminal conspiracy.

The local police had last week called Mr Gupta for questioning along with Shivraj Puri, the main accused in the fraud discovered at the Citibank's Gurgaon branch.

Gurgaon police commissioner SS Deswal had said that Mr Gupta was called as part of investigations as a major chunk of the money has gone into brokerage firms-Religare and Bonanza-whose officials were also called for questioning.

The fraud, which is estimated to be Rs300 crore, relates to mis-selling of investment products to high networth clients.

Mr Puri, as relationship manager of the bank, used to sell investment products claiming that they would generate very high return of 18%. He was arrested last week and was sent to police custody for a week.

Last week, Brijmohan Lal Munjal-led Hero Group had admitted that its exposure to the fraud was to the tune of Rs28.75 crore.

Although the group has maintained that its flagship firm Hero Honda has no connection with the fraud case, the National Capital-based business house is silent on involvement of other BML Munjal-led group entities-Hero Corporate Services, Rockman Cycles Industries, Hero Mindmine Institute, Easy Bill and Hero Management Service.

User

COMMENTS

Shadi Katyal

6 years ago

One wonders in a country whee the Red Tape and rules and regulations are the rule of the day,how this much fraud could have been committed. What has CitiBank and RBI to say. After all these regulators are for there or is this similar to recent news about how bank managers and their touts get their pound of flesh while offering investment funds without much collateral

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)