Citibank fraud suspect arrested

Shivraj Puri, the alleged mastermind behind a major fraud in Citibank's Gurgaon branch, was arrested on Thursday.

Top police officials, however, declined to give details including from where he was arrested. He is likely to be produced before a court on Friday.

Meanwhile Gurgaon Police Commissioner SS Deswal said that the size of the fraud could be about Rs 300 crore.

He said 40 teams have been constituted to crack the case that involved alleged siphoning off funds taken as investments from high networth individuals into a personal account of the main suspect Puri and three of his accomplices.

Deswal said Puri's father Raghuraj Puri is said to be owning a brokerage firm Norway Martin through which diverted funds were invested in the stock market.

Deswal said of the Rs 300 crore estimated to be involved in the fraud Rs 200 crore belongs to corporates and Rs 100 crore to individuals.

Asked whether the Gurgaon police will seek the help of other agencies in the probe, he said, "We are qualified and competent to investigate. In case it is needed, we will consider it."

He said the Citibank has already informed RBI and SEBI about the fraud.