Citibank scam: Puri`s remand extended by 6 days

A city court Thursday extended the police remand of Shivraj Puri, the main accused of the Rs 300 crore Citibank fraud case, by six days.

Last Updated: Jan 07, 2011, 00:00 AM IST

New Delhi: A city court Thursday extended the police remand of Shivraj Puri, the main accused of the Rs 300 crore Citibank fraud case, by six days.
Puri was arrested last week in connection with the Citibank fraud at a local branch here and was sent on police remand for a week.
His remand was extended for another six days by a local court on an application by the police.
Zeebiz Bureau

New Delhi: A city court Thursday extended the police remand of Shivraj Puri, the main accused of the Rs 300 crore Citibank fraud case, by six days.

Puri was arrested last week in connection with the Citibank fraud at a local branch here and was sent on police remand for a week.

His remand was extended for another six days by a local court on an application by the police.

On 30th of December Puri was sent to a seven day police custody was going to expire today.

Cases of cheating and forgery have been filed against Puri and three others, said Gurgaon Police Commissioner S S Deswal. Police also said that 18 accounts worth Rs. 4 crore linked to the swindle have been frozen.

“Notices have been issued to the banks to seize all the accounts. We have formed five special teams to investigate the case. And we are hot on Puri’s trail,” said Deswal.

According to him, in order to investigate the case, 40 teams have been constituted. It is India’s biggest Banking fraud which 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.

Meawhile Sebi is also probing whether the stock brokers collected from the accused his income proof documents, a mandatory requirement for trade in derivatives market.

The preliminary investigations into the alleged fraud committed by Shivraj Puri, a senior employee at a Citibank branch in Gurgaon, has found that he diverted his clients` money into derivatives market.