Citibank fraud: Hero Group CFO quizzed

Gurgaon police have quizzed top officials of several companies, including brokerage firms Religare and Bonanza, in connection with the Rs300-crore Citibank fraud.

One of the officials questioned was Hero Corporate Services chief financial officer (CFO) Sanjay Gupta. Hero Group was one of the biggest clients of Shivraj Puri, Citibank’s Gurgaon relationship manager and alleged mastermind of the fraud. Police commissioner SS Deswal had said on Thursday of the Rs300 crore deposited in Puri’s account, Rs200 crore belonged to the Delhi-based Hero Group, while the remaining Rs100 crore was of individuals. They had been fooled into believing that they would get very high returns on the deposits. Puri invested the money in the stock market through five major brokerage firms, including Religare, Okaya and Bonanza.

Meanwhile, Hero Group admitted on Friday that it was a victim of the fraud, but dismissed reports that either Hero Honda Motors chairman or his son had anything to do with it.