Hero Group Exec Arrested In Citi Fraud Case

Introduction An investigation into a more(prenominal) than $67 million keep up fraud at a Citibank stage in immaculate Delhi, India led to the arrest of an executive of whizz Group, a tangled that includes mavin Honda motorcycles (Wall Street Journal, January 4, 2011). A Citi grouping CEO, Vikram Pandit, and several(prenominal) other select level executives were also named by regulators in India in informal relation to the allege fraud. correspond to a local police report, an employee of a unit of grinder Group, which is based in the Gurgaon suburbia of Indias chapiter city where the Citibank branch also was located, received commissions for invest the companys property in the so-calledly fallacious 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 intelligent scams have come to prosperous in the past several months, tarnishing the image of the country as a business destination. intimately recently, eight senior officials of state-run banks and pecuniary companies were arrested on charges of taking bribes to palliate loans to companies in late November of 2010 (See temperamental Business Times, January 4, 2011).

The Three Elements of the opportunity Triangle: Commit, Conceal, and Convert The asseverate Citibank fraud emerged when Gurgaon police arrested Shivraj Puri, a Citibank relationship manager, for allegedly luring rich clients to invest in schemes that promised high returns but werent backed by the bank. The arrest followed a bursting charge by the U.S. bank posterior on it noticed odd transactions at the branch. Sanjay Gupta, the main(prenominal) fiscal officer of Hero Corporate Services Ltd., which is bust of Hero Group, was arrested. Customers were promised high returns by misrepresenting a nonexistent SEBI circular. natural law alleged Mr. Puri produced a fraudulence letter from the Securities and Exchange get along with of India (SEBI) to deliver the goods credibility to the...If you trust to get a adept essay, ramble it on our website: Orderessay

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