Citibank fraud accused sent to 14 days judicial custodyBy IANS
Friday, January 14, 2011
GURGAON - Citibank relationship manager Shivraj Puri, accused of masterminding a Rs.300 crore fraud, was Friday sent to 14 days judicial custody in what is being called one of the biggest banking scams in India.
Puri was brought before Chief Judicial Magistrate D.N.Bhardwaj, who ordered the banker to be sent to judicial custody till Jan 28. Shivraj Puri was in police custody after his arrest Dec 30.
Puri allegedly managed to con companies and high net worth individuals after forging a Securities and Exchange Board of India (SEBI) document that purportedly backed his claims about schemes offering high returns.
He surrendered to police Dec 30 and was handed a week-long police remand by a special court in Gurgaon the same day. Later, the police remand of Puri was extended for 6 days Jan 6 and for 2 more days on Jan 12.
Working as a relationship manager, Puri allegedly cheated investors by asking them to deposit money in accounts managed by him, promising to invest it in schemes that offered very high interest within a short span of time.