Fraudster in police remand

Citibank manager Shivraj Puri, accused of cheating the bank’s customers, surrendered on Thursday. He was sent to a seven-day police remand even as the quantum of his alleged fraud was raised three times to Rs 300 crore ($65 million).

“Shivraj Puri surrendered around 12.30 pm. He has been taken into custody,” Gurgaon Police Commissioner S S  Deswal said, adding that more arrests may be made after Puri’s interrogation in what is being called India’s biggest banking fraud.

The accused was handed a week-long police remand by a special court in Gurgaon on the outskirts of the national capital and Duty Magistrate Raj Kumar Yadav directed the police to produce him again January 6.

“Notices have been issued to the banks to seize all the accounts. We have formed five special teams to investigate the case. And we are hot on Puri’s trail,” said Deswal.

According to the police, firms belonging to the Delhi-based Hero group invested Rs 200 crore in Puri’s account and Rs 100 crore were invested by individuals.

Puri, in turn, invested the money in five major brokerages, including Religare, Okaya and Bonanza.

Some 40 teams have also been constituted to track some 81 accounts into which the 32-year-old accused is alleged to have deposited the money.