Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

ED to interrogate Citibank-fraud mastermind Puri

Sources said that they may be arrested under the PMLA if the investigations require.

News18test sharma |

Updated:August 2, 2011, 6:42 PM IST
facebookTwitter Pocket whatsapp
ED to interrogate Citibank-fraud mastermind Puri
Sources said that they may be arrested under the PMLA if the investigations require.

New Delhi: Enforcement Directorate will now interrogate Shivraj Puri, the mastermind of Rs 461 crore-fraud case at the Citibank branch in Gurgaon under the provisions of anti-money laundering laws. The Directorate will question the Citibank's Global Wealth Manager Puri, who was working at the branch of the bank and is said to have engineered the scam.

Sources at the agency said the statements of Puri and few others associated with him would be soon recorded under the provisions of the Prevention of Money laundering Act (PMLA).

"They may be arrested under the PMLA if the investigations require so," sources said.

Several depositors and high-networth individuals (HNIs) were duped in the Rs 460.91 crore fraud that came to light last year. Haryana police had filed a chargesheet against Puri and capital market regulator Sebi, too, probed the matter as the fraud money was invested in the stock market.

As per a Sebi report, Puri took an exposure of a whopping Rs 1.13 lakh crore in the equity market using Rs 236 crore of 51 high networth individuals and corporates and lost everything following the decline in stock markets.

The government had earlier said the fraud in the Gurgaon branch was going on since September 2009, but major transactions only took place between May 2010 and November 2010.

Puri allegedly fabricated a SEBI circular to lure people into investing into accounts held by his accomplices Premnath, Shiela Premnath and Deeksha Puri.

The fraud came to light after the bank looked into a query from a customer at Citibank's Nehru Place branch about its scheme offering high returns.

After discovering the fraud, the Citibank on December 5 ,2010, filed a complaint with the Gurgaon police, which is investigating the case.

Under the provisions of the PMLA, the ED has powers to attach both movable and immovable properties of the accused.

The entities whose funds were diverted by Puri into the accounts of his relatives include Hero Corporate Services (Rs 13.75 crore), OKS Sapan Tech (Rs2 crore) and Satyam Auto (Rs 25 crore).

Others include Mayar Infratech (Rs 24 crore), Spaid (Rs 62 crore), Karopat Pad (Rs 8 crore), Sunil Kant and Sons (Rs 3 crore), Aero Infratec (Rs 25 crore), Hero Exports (Rs 97 crore), Rekha Munjal (Rs 5 crore), Munjal Investments (Rs 2.5 crore) and Munab Braej (Rs 71 crore).

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
SBI 321.90 5.20
Bharti Airtel 393.05 8.43
ICICI Bank 499.85 0.24
Reliance 1,470.85 0.55
Yes Bank 68.70 -0.07
Company Price Change %Gain
Cipla 463.10 2.57
SBI 322.00 5.19
Bharti Airtel 393.20 8.42
Eris Life 410.15 -0.19
Yes Bank 68.70 -0.07
Top Gainers
Company Price Change %Gain
Bharti Infratel 227.15 8.87
Bharti Airtel 393.05 8.43
SBI 321.90 5.20
Grasim 755.15 2.89
Cipla 463.25 2.63
Company Price Change %Gain
Bharti Airtel 393.20 8.42
SBI 322.00 5.19
Kotak Mahindra 1,623.00 1.60
Sun Pharma 414.90 1.18
Tata Motors 168.60 0.96
Top Losers
Company Price Change %Gain
IOC 131.70 -3.76
Hero Motocorp 2,543.20 -1.87
BPCL 506.55 -1.57
Maruti Suzuki 7,147.20 -1.38
Vedanta 142.10 -1.32
Company Price Change %Gain
Hero Motocorp 2,542.85 -1.85
Maruti Suzuki 7,147.00 -1.38
ITC 250.65 -1.30
Vedanta 142.10 -1.29
NTPC 117.20 -1.14

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results