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Fraud: FIR against Citi CEO Vikram Pandit

Jan 04, 2011 06:58 PM IST India India

Gurgaon: The Gurgaon police on Tuesday registered an FIR Citibank CEO Vikram Pandit and 10 other top officials in the Rs 300-crore Citibank fraud case.

The fraud at the bank's Gurgaon branch, involving diversion of depositors money into the stock market, was uncovered last week.

Besides Pandit, the FIR filed by a high net worth individual (HNI) Sanjiv Agarwal with the Gurgaon police also names Citibank chairman William R Rhodes along with other senior officials based in India.

"We got the complaint and immediately registered the FIR (First Information Report)," told Gurgaon police commissioner SS Deswal.

The police have registered an FIR against Citibank officials for cheating him to the tune of Rs 32 crore.

The complainant Sanjeev Aggarwal was a regular client of Shivraj Puri.

In the FIR, Agarwal, who is a resident of Gurgaon, alleged criminal breach of trust, falsification of accounts, cheating and criminal conspiracy by the officials of the Citibank.

"All persons named (in FIR) in collision and conspiracy with each other and other known or unknown persons, (and) have misappropriated large sums of money to the tune of Rs 32.43 crore" Agarwal said in his complaint.

The case has been registered under sections 409, 477A, 420 and 120B of IPC.

The others who have been named in the FIR include Citibank's senior officials CFO John Gerspach and COO Douglas Peterson (both based in New York).

The others who figure in the FIR are Amit Zarpuri, Ashwini Chaddha, Amrita Farmahan, Rahul Soota, N Rajshekaran, Pramit Jhaveri and Shivraj Puri, the main accused in the fraud case.

Days after arresting relationship manager Shivraj Puri for the 300 crore Citibank fraud, the police arrested the CFO of Hero group Sanjay Gupta.

Meanwhile, Citigroup issued a statement saying, "As this individual well knows, Citi identified the fraud and immediately reported the matter to the regulators and law enforcement agencies. His claims against senior executives are completely without basis and we intend to contest them vigorously. It was on Citi complaint that the Gurgaon police lodged an FIR and are currently investigating the matter. Citi will continue to work with the authorities on this investigation."