Citibank fraud: Pandit named in fresh FIR filed by an HNI

Gurgaon, Jan 4 (PTI) Vikram Pandit, the Indian-born
global CEO of Citibank, and its Chairman William R Rhodes,
were on Tuesday named in an FIR filed with police accusing the
bank of cheating and criminal breach of trust in connection
with the Rs 300 crore fraud here.
Several high networth individuals have also complained
that their securities were encashed without their knowledge in
the fraud allegedly masterminded by the Gurgaon branch
relationship officer Shivraj Puri.
Local police registered a case on the basis of an FIR
naming Pandit and 10 other officials filed by a high networth
individual (HNI) Sanjeev Aggarwal, Managing Director, Helion
Advisors, that accused the top executives of criminal breach
of trust and cheating.
The others who have been named in the FIR include
Citibank's senior officials CFO John Gerspach and COO Doughlas
Peterson (both based in New York).
"We got the complaint and immediately registered the
FIR (First Information Report)" Gurgaon police commissioner S
S Deswal told PTI.
In the FIR, Aggarwal, who is a resident of Gurgaon,
alleged criminal breach of trust, falsification of accounts,
cheating and criminal conspiracy by the officials of the
Citibank.
"All persons named (in FIR) ... in collusion and
conspiracy with each other and other known or unknown persons,
(and) have misappropriated large sums of money to the tune of
Rs 32.43 crore" Aggarwal said in his complaint.
The case has been registered under sections 409, 477A,
420 and 120B of IPC.
The fraud at the bank's Gurgaon branch in the north
Indian state of Haryana, involving diversion of depositors
money into the stock market, was uncovered last week.
The others who figure in the FIR are Amit Zarpuri,
Ashwini Chaddha, Amrita Farmahan, Rahul Soota, N Rajshekaran,
Pramit Jhaveri and Shivraj Puri, the main accused in the fraud
case.
Meanwhile, several high networth individuals (HNIs), who
are victims of the fraud have complained to the police that
their securities were encashed without their knowledge.
"We are examining the complaints of HNIs," a senior
police official said.
These investors were lured into investing funds on
promise of high returns by Puri, the main accused in the Rs
300 crore scam. (More) PTI