NEWS & ADVICE : FIXED DEPOSITS
SBI officials help police in finding Citi fraud kingpin
By Neelima Shankar
Jan 6, 2011
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State Bank of India has indeed helped Gurgaon police to nab the mastermind behind the multicrore fixed deposit scam of Citibank unleashed recently. Sanjay Gupta-vice president (accounts) of Hero Corporate Services has been found to be associated with all the 81 accounts seized by police. The revelation was made by the team of SBI officials aiding the police.

After scrutiny by experts, it was revealed that all transactions in the last six months in these accounts had Gupta as the beneficiary. Gupta had two accounts with Axis Bank.

"Two firms - G2S and BG finance company - both owned by Gupta were the main beneficiaries of all cross transactions that took place in this year. The experts told us that Puri used to keep the money generated as interest in these two accounts," said a senior police officer.

"The companies were registered as consulting firms but did not have any office. The companies' accounts were with Axis Bank and we have seized R20 crore," he added.

Gupta, an experienced player in the financial markets evidently urged Puri to invest the money in the capital and other markets.

"He had assured Puri that he would bring in corporate investments and Puri's job was to transfer the fund to various other accounts. From the 18 accounts of Puri, which were seized initially, a lot of cross transaction had taken place. Later, we found that at the end of all transactions, the money used to come in two Axis Bank accounts," police said.


 


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