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Hero CFO arrested in the Citibank fraud case

Jan 03, 2011 10:01 PM IST India India
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Gurgaon: Another arrest in the sensational Citibank fraud case. Sanjay Gupta, associate vice president of Hero Corporate Services has been arrested for helping the main suspect Shivraj Puri.

Puri who is in the police custody has confessed that it was Sanjay Gupta who helped him.

Sanjay Gupta's arrest came less than a week after an executive at Gurgaon's Citibank branch, Shivraj Puri, was arrested on charges of defrauding wealthy customers.

Shivraj Puri, the main accused in Citibank fraud has confessed that it was Sanjay Gupta who helped him get money from companies under hero group.

Puri also says that Gupta managed to make Rs 20 crore as commission through transfer of fund from two companies G2S and BG Finance to an account in the Citibank Gurgaon branch in the name of Premnath.

The police had asked for 10 day remand for Sanjay Gupta but district court only granted five day remand.

The police suspect that Sanjay Gupta duped corporates in and around the NCR region to invest in the fake investment plan which was promoted by Shivraj Puri.

According to the police, out of the the Rs 300 crore under scrutiny Rs 200 crore was invested by Hero and other corporates in and around NCR region and the remaining Rs 100 crore was invested by HNIs.

Puri, in turn, invested the money in five major brokerages, including Religare, Okaya and Bonanza.

While Sanjay Gupta will be questioned in Rs 250 crore Citibank fraud sources at the police commissioner office in Gurgaon says that fresh complains are still trickling in. This could mean that there could be other aids of Shivraj Puri whose named could be revealed in the next week or two.