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Hero Group says it's victim of Citibank fraud
in General Discussions
India's one of the large business houses, Hero Group, on Thursday said that it is a victim of the estimated Rs 300 crore Citibank fraud in which some investors were allegedly swindled.

"Some of the Hero Group entities, along with some others, are victims of the fraud conducted through one of the Citi branches in Gurgaon," Hero Group said in a statement.

Here is the link,http://ibnlive.in.com/news/hero-group-says-its-victim-of-citibank-fraud/139045-7.html?from=tn
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    Citibank fraud was conducted by suggesting some fictitious schemes and some fake circulars of SEBI were also shown to investors. The laymen could be easily cheated. I wonder how even the Industrial house could be so cheated. This shows how unprofessional and negligent the corporate entities also could be.

    The Citibank relation manager, responsible for fraud has been arrested.

    http://www.merinews.com/article/citibank-scamster-surrenders-before-gurgaon-police/15838951.shtml

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    fraud which could run into a whopping Rs 400 crore has been unearthed at leading multinational lender Citibank's
    THANKS! THIS REALLY HELPED A LOT! Share with World now

    http://share-ask.com/category/peoples-articles-news-now/
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    I didn't understand what the thread is.Can you give a brief idea?
    Visit my blogs:

    http://abidareacode.blogspot.com
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    @Abid,
    "The fraud is said to be a handiwork of Shivraj Puri, a relationship manager at the branch, who allegedly sold investment products to high networth clients claiming that they would generate unusually high returns(18% I believe)."
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