New Delhi: India's central bank, Reserve Bank of India (RBI) is investigating the Rs300 crore fraud in Citibank's Gurgaon branch, which saw diversion of depositors funds in stock markets, reports PTI.
"RBI is investing the matter (Citibank fraud)," a key Reserve Bank source said.
The fraud at the Citibank's Gurgaon branch in the state of Haryana, involving diversion of depositors' money into the stock market, was uncovered last week.
Several high networth individuals (HNIs), including promoters of the Hero Group, the biggest motorcycle maker of India, were lured by Citibank's relationship manager Shivraj Puri, the main accused in the scam, into investing funds on promise of high returns.
Victims of the fraud have complained to the police that their securities were encashed without their knowledge.
Sanjeev Aggarwal, managing director of Helion Advisors, had on Tuesday filed a first information report (FIR) with the local police, alleging he was cheated of his life's savings of Rs32.43 crore in the fraud.
Besides senior officials of the bank, Mr Aggarwal named Indian-born global CEO of the Citibank Vikram Pandit and chairman William R Rhodes in the FIR that alleged criminal breach of trust, falsification of accounts, cheating and criminal conspiracy by the bank officials.
Citibank, however, dismissed allegations of involvement of its senior executives in the fraud.
The local police on Wednesday ruled out the possibility of questioning Citibank's global CEO Vikram Pandit and other top honchos in connection with the scam.
Yankee, please don’t come home. We get the feeling that you are waiting for our floodgates to open
Move over, Ellis Island. Mumbai's Gateway of India would be a better bet for the poor and huddled masses of the USA.
No, I am not kidding you. If you are in your right mind, and if you (heaven forbid) happen to hold what was once a much-drooled-after passport (or visa or whatever), and you are yearning to be free, housed and clothed, India might just be the place for you. We just might let you in.
But when we Indians say, "Have a nice day", we really mean it. Notice how almost always our smile touches our eyes? We don't really like plastic, you know, even if we do land up picking up the wrong card sometime at the wrong places.
As you guys like to say, and to pluck a few words from the mouth of Asterisk and make a hash out of it-"These Indians are crazy."
Get ready to not burst into tears when I narrate this true incident, which took place a few days before Christmas Day (or whatever they call it in politically-incorrect-completely-gone-crazy) America.
I was trying not to freeze to death (despite being in the right spirit) in the above much-mentioned country. A poor, frail soul approached me for a dollar. If I had not parted with that solitary greenback...
I digress, because I want to. When reports last came in, Afghanistan had the dubious distinction of topping the Gini (no, Microsoft Word does not recognise this term) coefficient index. I, for one, would rather place the place that flies the Star-Spangled Banner (emphasis yours) so proudly, right on top of this list.
New York, New York? Remember, the Big Apple is where singers with deep baritones used to light a cigar with a $100 bill? Maybe they should not have done that. Maybe I am striking the wrong note.
But I know for sure that I am not wrong. I rarely go off-key.
Mr Obama, we hope you reading this. I really want you to. Because WE can.
Is there anything else left to say?
New Delhi: India will become the world's fourth largest passenger vehicle market in the next three years but will require an investment of about $20 billion to build up to nine new plants to meet the demand by then, reports PTI quoting global consultant Booz&Co.
The Indian passenger vehicle (PV) market will touch 3.5 million units mark in the next three years, it said.
"By next three years, India will be the fourth largest PV market in the world. Only the US, China and Japan will be ahead of India," Booz&Co partner Vikas Sehgal told PTI.
Currently, the domestic PV market is the world's seventh largest and it is likely to grow at 15%-20% every year till 2013, he added.
According to Society of Indian Automobile Manufacturers (SIAM), the PV market stood at about 2 million units in 2009-10 and is expected to reach 2.4 million units in this fiscal.
"India will even cross Japan by selling about five million PVs by 2017-18," Mr Sehgal said.
In order to reach to such a mammoth size, auto makers will constantly need addition of capacities to meet demand.
"India, in next three years, will need 6 to 9 new car plants with an average annual capacity of 1.5 lakh units...
This will require at least $15-$20 billion investment," Mr Sehgal said.
The auto makers will not only have to add capacities, but will also have to expand distribution network, strengthen component sourcing chain and enhance R&D capabilities, he added.
Under the Automotive Mission Plan (AMP), the Indian market had earlier set a target to become a $145 billion by 2016, for which $35-40 billion investment is required.
According to rating agency Fitch, the growth of Indian PV market will slow down to 15% in 2011 and profits of the companies are likely to be moderate due to inflationary pressure and huge capacity addition. During 2010, the total PV sales grew at about 30%.
Fitch had, however, said that ongoing large capacity additions by many auto makers will create a demand-supply mismatch in the short-to-medium term until demand rises sufficiently to fully absorb the new capacity.