Citibank fraud: Gurgaon police arrest mastermind Shiv Raj Puri

GURGAON, December 30 (Agencies): Shivraj Puri, the alleged mastermind behind a major fraud in the Citibank branch here, was today arrested. Talking to Times of India after his arrest , Puri said: “I have already given full details to the police. I have full faith in the judiciary. Truth will come out.” Check out: The great heist of Citibank Top police officials, however, declined to give details including from where he was arrested. He is likely to be produced before a court tomorrow.
Meanwhile Police Commissioner S S Deswal told reporters that the size of the fraud could be about Rs 300 crore. He said 40 teams have been constituted to crack the case that involved alleged siphoning off funds taken as investments from high networth individuals into a personal account of the main suspect Puri and three of his accomplices. Deswal said Puri’s father Raghuraj Puri is said to be owning a brokerage firm Norway Martin through which funds were diverted and invested in the stock market.
Sources said the accused owned several properties in the NCR. An investor who Shiv Raj allegedly cheated recalls: “This smart banker met me one- and-a-half-years ago. He came with a lucrative scheme and seemed to know his trade well. I was instantly taken in by his soft talk. He was not pushy like other banking professionals.” Puri opened 78 accounts in his name and in the names of his grand parents, Premnath Puri and Sheela Premnath Puri and in the name of his mother, Deeksha Puri. They all are co-accused along with Puri.
The accounts are with different financial institutions including banks and brokerage houses spread across Gurgaon, Delhi and Kolkata. Religare, Bonanza and India Infoline figure in the list. The banks include SBI , HDFC , Standard Chartered, PNB, Axis and ABN-Amro. According to the police commissioner SS Deswal, notices have been issued to the banks to seize all the accounts. Religare, Bonanza and India Infoline figure in the list. The banks are SBI, HDFC, Standard Chartered, PNB, Axis and ABN-Amro.