Hero Group Exec Arrested In Citi Fraud Case

Introduction An investigation into a more than $67 million observe fraud at a Citibank fall a slice in spick-and-span Delhi, India led to the arrest of an executive director of whizz Group, a involved that includes superstar Honda motorcycles (Wall Street Journal, January 4, 2011). A Citi classify CEO, Vikram Pandit, and several(prenominal) other splendid level executives were also named by regulators in India in sexual relation to the allege fraud. gibe to a local law of nature report, an employee of a unit of whizz Group, which is based in the Gurgaon suburbia of Indias chapiter city where the Citibank branch also was located, received commissions for investment the companys property in the so-calledly duplicitous scheme. The case, which first came to lite in December of 2010, is an embarrassment for Citibanks parent, Citigroup Inc. The U.S. banking group has said it is cooperating with authorities in India, where a series of large scams have come to aerial in the past several months, tarnishing the image of the country as a business destination. to the highest degree recently, eight senior officials of state-run banks and financial companies were arrested on charges of taking bribes to ease loans to companies in late November of 2010 (See terrene Business Times, January 4, 2011).

The Three Elements of the probability Triangle: Commit, Conceal, and Convert The so-called Citibank fraud emerged when Gurgaon police arrested Shivraj Puri, a Citibank relationship manager, for allegedly luring bounteous clients to invest in schemes that promised higher(prenominal) returns but werent backed by the bank. The arrest followed a armorial bearing by the U.S. bank afterward on it noticed rum transactions at the branch. Sanjay Gupta, the straits fiscal officer of Hero Corporate Services Ltd., which is part of Hero Group, was arrested. Customers were promised high returns by misrepresenting a nonexistent SEBI circular. police force alleged Mr. Puri produced a juke letter from the Securities and Exchange card of India (SEBI) to deliver the goods credibility to the...If you indispensability to get a salutary essay, ramble it on our website: Orderessay

If you want to get a full information about our service, visit our page: How it works.