Citibank scam: iPad could play starring role

The Gurgaon Police is searching for an iPad that could provide critical evidence against Shivraj Puri, the former Citibank manager who has been arrested for constructing a 300-crore scam.

Puri, formerly the Relations Manager at the bank’s Gurgaon branch, was arrested earlier this month. His custody was extended by another six days on Thursday, in part to allow the police to locate an iPad that’s supposedly with his family. Puri’s parents were questioned earlier this week by the police.

Puri conned private and corporate clients into giving him money for high-return schemes. In reality, he diverted their funds into accounts in the names of his family and friends, from where it was routed into the stock markets. Puri is believed to have recorded several transactions on his iPad.

One of Puri’s most prominent victims has been the Hero Group. The company’s former Associate Vice-President Sanjay Gupta has been arrested for allegedly taking kickbacks from Puri in exchange for access to crores of the Hero Group.

An investor named Sanjeev Aggarwal who lost close to Rs. 33 crore, thanks to Puri, filed an FIR with the Guragon police earlier this week which made headlines because it named Citibank CEO Vikram Pandit along with other top executives. Aggarwal believes there was a “systematic failure” at the bank and that Puri could not have acted alone. On its part, Citibank said it “vigorously contests” these charges. The police have also confirmed that Pandit will not be summoned for questioning.


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