CIti: not where you want to bank

Citbank fraud: Citi failed to act on scam warning signals, says probe report - The Times of India: "The Rs 400-crore fraud unearthed in Citbank's Gurgaon branch in December 2010 could have been averted if the bank staff had taken the warning signals seriously, according to an internal investigation carried out by the bank.

The probe report, a copy of which is with TOI, reveals that some suspicious transactions by alleged scam mastermind Shivraj Puri were detected way back in 2008, but no substantial action was taken.

Citi Security and Investigative Services (CSIS), a security and investigative team that protects the assets, integrity and reputation of the bank had submitted a detailed investigation report in May, almost five months after the scam was detected.

Responding to a detailed questionnaire, a bank spokesperson stated, "Citi has been cooperating with the regulators and the investigating agencies and will continue to do so, to bring the perpetrators of this fraud to justice. Since the matter is still under investigation and is subjudice, Citi will not be able to provide further comments at this stage." "

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