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Pranab rules out systemic failure in Citibank fraud
Thursday, 30 December 2010, 06:13 IST
New Delhi: Finance Minister Pranab Mukherjee today ruled out any systemic failure in alleged fraud at Citibank which is estimated at 
400 crore and said "regular precautions are being taken".
"There are regular regulations and all other precautions are being taken. But if there is an individual misdemeanour that has to be acted on. Law will take its own course of action," Mukherjee told reporters here.
The alleged fraud which could run into Rs 400 crore was detected at Citibank's Gurgaon (Haryana) branch.
An FIR for cheating and forgery against a bank employee and three others was lodged and 18 accounts having close to Rs 4 crore frozen were frozen yesterday.
The fraud is said to be a handiwork of Shivraj Puri, a relationship manager at the branch, who allegedly sold investment products to high networth clients claiming that they would generate unusually high returns.
Source: PTI
400 crore and said "regular precautions are being taken".
"There are regular regulations and all other precautions are being taken. But if there is an individual misdemeanour that has to be acted on. Law will take its own course of action," Mukherjee told reporters here.
The alleged fraud which could run into Rs 400 crore was detected at Citibank's Gurgaon (Haryana) branch.
An FIR for cheating and forgery against a bank employee and three others was lodged and 18 accounts having close to Rs 4 crore frozen were frozen yesterday.
The fraud is said to be a handiwork of Shivraj Puri, a relationship manager at the branch, who allegedly sold investment products to high networth clients claiming that they would generate unusually high returns.
Source: PTI