I-T may probe source of funds; ED set to file case

Jan 09, 2011 |

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Jan. 9: The income-tax department may conduct a probe into the Rs 400 crore fraud exposed at Citibank’s Gurgaon branch to ascertain if black money found its way into the ponzi scheme designed by Shivraj Puri.

“The department may look into the matter to find out if unaccounted money was routed to the stock market or elsewhere with the help of the accused,” sources said. However, the income-tax department is yet to initiate action on the fraud, which at present only covers the investment made by about 20 corporate entities and two dozen high net-worth individuals (HNIs).

The entities whose funds were diverted by Puri into the accounts of his relatives include Hero Corporate Services (Rs 13.75 crore), OKS Sapan Tech (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.

Meanwhile, the enforcement directorate (ED) has sought a copy of the FIR filed by the police on the Rs 400 crore Citibank fraud with a view to lodge a separate case of money laundering against the perpetrators of the scam. Sources said the directorate has sought the FIR on its own initiative and a copy is likely to be provided by the police soon.

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