NEWS & ADVICE : HOME LOANS
Citibank fraud case under I-T deptt scanner
By Joseph Samson
Mar 9, 2011
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The Rs 400 crore scam unleashed in Citibank recently is under the scanner of Income Tax department. The I-T deparment is questioning the source of deposits of the 20 high net worth individual (HNI) customers.Minister of state, SS Palanimanickam has informed the Rajya Sabha that enquiry has been started in this context by the investigation directorate of the I-T department.

This would bring companies like Hero Group, OKS Sapan Tech and Satyam Auto also under the department scanner.

Citibank had said that it was 'in the process of working towards a fair compensation' for clients who were affected in the scam.

A special enquiry has been put across by RBI for Citibank and its accounts connected in the scam.


 


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