Rs. 4,000 million of fraud came out in which bank employees were involved. These bank employees had fraudulently diverting the money from nearly 20 high net wroth individuals (HNIs) account to their own account. All these HNIs were belongs bank's Gurgaon Branch near New Delhi, India. "We recently initiated an investigation into a certain set of suspicious transactions based on documents forged by an employee involving a few accounts in our Gurgaon branch," a Citi India spokesperson said in a statement.
“We immediately reported the matter to all the relevant regulatory and law enforcement authorities. Identified suspicious transactions have been isolated and we are providing full assistance to the authorities in their investigations,” the spokesperson said.
According to source, employees of bank including Bank Manager offered a ucrative schemes to HNIs in which he promised to double the money. The money received from HNIs has been transferred to the personal accounts of employees.
It was the first massive scam in the history of Citi Bank, India. Citibank's Asia Pacific Fraud Risk Management Team has already reached India. First Information Report (FIR) has been registered under the Indian Penal Codes.