CITI 2 LST

Deswal said people and companies depositing money into
schemes offered by Shivraj Puri because they were getting it
back with interest that boosted their confidence in him.
Finally there was default.
He said by virtue of his official position Puri attracted
corporates and HNIs.
The Commissioner said the size of the fraud could be
between Rs 250 and Rs 300 crore and not beyond this.
The fraud was detected when there was default in payments
in later part of this year. The number of investors could be
18 to 20 including corporates and HNIs who are both local.
Hero Group issued a statement which said "the exposure of
the B.M.L Munjal controlled Hero Group in this case is only
via its entities, and is Rs 28.75 crore. These investments
were made as part of routine treasury operation in what seemed
like perfectly legal investment options.
"Hero Group is disappointed to learn that it has become a
victim of the fraud under question. The Group is taking
appropriate action and has also initiated dialogue with
relevant authorities and Citibank to recover its dues. This is
to further clarify that Hero Honda Motors Ltd, a part of the
Group, has no involvement in any of these investments."
In another statement, the group said neither its flagship
firm Hero Honda nor its Managing Director Pawan Munjal have
any involvement in the case.
"This is to put on record that contrary to reports in
certain sections of the media, Pawan Munjal does not have
anything to do with the ongoing Citibank issue," it added.
It said "neither Brijmohan Lal (Chairman of Hero Honda)
nor Hero Honda Motors Limited have anything to do with this
matter". PTI