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| Citi fraud |
Official sources thought the directorate has sought the basic in turn tell (FIR) on its own initiative and a emulate is likely to be provided by the police force soon.
The police force has pegged the area of the fraud perpetrated by Citibank Relationship Manager Shivraj Puri by the side of Rs 400 crore and thought it involved the accounts of not far off from 29 entities, together with the promoters of the Hero Group.
The entities whose funds were diverted by Puri into the accounts of his relatives include Hero Corporate Services (Rs 13.75 crore), OKS Sapantak (Rs 2 crore) and Satyam Auto (Rs 25 crore).
Furthermore, Mayar Infratech (Rs 24 crore), Spaid (Rs 62 crore), Karopat Pad (Rs 8 crore), Sunil Kant and Sons (Rs 3 crore) Aero Infratec (Rs 25 crore), Hero Exports (Rs 97 crore), Rekha Munjal (Rs 5 crore), Munjal Investments (Rs 2.5 crore) and Munab Braej (Rs 71 crore) fell prey to the scam.
Besides the entities named in the tell, the police force thought they were looking into the records of other entities with the aim of declaration to maintain lost money in the fraud uncovered by the side of Citibank's Gurgaon branch last-minute carry on month.
The Enforcement Directorate, which exclusively deals with foreign replace violations and money laundering charges, will look by the side of the risk of registering a legal action under the Prevention of Money Laundering Act, sources thought.
Under the PMLA, the directorate has the power to stick all movable and fixed properties of the accused, as well no matter which with the aim of appears to maintain been bought using the laundered money.
Sources thought with the aim of if a money laundering legal action is filed, the directorate may well besides seek detention of the accused in place of detailed questioning.
Investigations into the irregularities by the side of Citibank came in the wake of a complaint with the aim of the stack was offering abnormal returns on an investment scheme in place of investors. It was found with the aim of Puri had collected the money on the basis of a fake Sebi circular with the aim of claimed the schemes had the marketplace regulator's support.
Securities and Exchange Board of India (Sebi) soon wrote to the stack aphorism rebuff such scheme was accepted by it.
The police force besides alleged with the aim of Puri used to allot fake take and stack statements to his clients to misinform them. The police force tell filed by a city square at this point thought Puri used to divert the money invested by the entities into demat accounts held by his relatives in brokerage firms Religare and Bonanza.
The FIR on the fraud was filed by Citibank Assistant Vice-President Binu Somen, following which Puri surrendered on December 30. Besides Puri, the Associate Vice-President of Hero Corporate Services, Sanjay Gupta, was besides arrested in place of his alleged involvement in the scam.
Gupta allegedly misappropriated Rs 250 crore belonging to the Hero Group entities and promoters, which was collected on the pretext of legitimate investment.