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Market regulator Sebi questiones Citibank's Shivraj Puri
January, 06th 2011

A series of developments unfolded in the Citibank fraud case on Wednesday, signalling more skeletons may tumble out of the cupboard. Even as Hero Corporate Service promoted by the New Delhi-based Hero group .sent two more accounts department officials on leave after an initial internal enquiry discovered their possible collusion with suspended former associate VP (accounts) Sanjay Gupta, market regulator Sebi questioned Citibank's Relationship Manager and mastermind in the fraud, Shivraj Puri .

Gurgaon police has ruled out the involvement of the Citibank's top brass including CEO Vikram Pandit and will demand extention of Shivraj Puri's remand in the session court, accroding to senior police officials.

At the same time, Sanjeev Aggarwal, co-founder of Helion venture Partners whose FIR named Citibank CEO Vikram Pandit, said it was a "systemic failure" and the chief executive cannot escape responsibility, according to agency reports.

"One person can't do this. It is a systemic failure and it runs through the organisation. You can't hold just one person responsible for it," Aggrawal, who is understood to have lost Rs 33 crore in the scam, said at a press conference in New Delhi, agencies reported on Wednesday. The action was taken on the two employees--Ganpat Singh and Gaurav Jain--after an initial enquiry, said a statement from the Hero group."

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