Hero Group official held in Rs.300 crore Citibank fraudBy IANS
Monday, January 3, 2011
GURGAON - Sanjay Gupta, the chief financial officer of Hero Corporate Ltd, was arrested here Monday for his alleged connivance in the Rs.300 crore Citibank fraud, police said.
According to police, Gupta was in the know of the massive fraud perpetrated by Sanjay Puri, Citibank’s relationship manager.
Police said that the fraud was “done in his (Gupta’s) knowledge” and Puri used to give him commission.
Gupta is being produced in a court here.
Hero Corporate is one of the associates of Hero Group which had invested money in Puri’s account.
Puri had surrendered last Thursday and was handed a seven-day police remand.
According to police, firms belonging to the Delhi-based Hero Group invested Rs.200 crore in Puri’s account and Rs.100 crore was invested by individuals. Puri, in turn, invested the money in five major brokerages, including Religare, Okaya and Bonanza.