Hero official arrested in Citi fraud case

Jan 04, 2011 |

Correspondent

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Jan. 3: The Gurgaon police on Monday arrested a top financial officer of Hero Group, Mr Sanjay Gupta — the second arrest in the Rs 300-crore fraud in Citibank since the surrender of the fraudster, Shivraj Puri, on Thursday. Gupta, an assistant vice-president (accounts) of the Hero Corporate Services Ltd — the service arm of the Delhi-based Hero Group, was remanded to five-day police custody.

A senior police official said that Gupta’s involvement in the fraud has been detected as he was the one who would lure corporates into depositing money in the scheme of Puri, a relationship manager with the Citibank.

Puri has been alleged to have lured corporates and individuals to make investments by promising high returns in a short time. He allegedly used to invest the money in the share market for his own gains.

According to the police, Gupta also cheated his company, luring it into investing nearly Rs 200 crore, while another Rs 100 crore was invested by individuals. He got Rs 20 crore as commission from Puri. Puri in turn used to invest the money in at least five brokerages. The company, however, said that the exposure of the invested amount to the scam was Rs 28.75 crore.

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