Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: articles on VAT and GST in India
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Ernst & Young conducting forensic audit in Citi fraud
March, 02nd 2011

The government today said Citibank has initiated a "forensic audit" in the Rs 460.9-crore fraud that took place at its Gurgaon branch in December, 2010.

"A forensic audit has been initiated by Ernst & Young at the initiative of Citibank NA. The bank has conducted an internal investigation through the Citi Security and Investigation Services," Minister of State for Finance Namo Narain Meena informed the Rajya Sabha in a written reply.

He said RBI has conducted a special scrutiny of the related accounts at the Citibank Gurgaon branch and other connected accounts at other banks.

A fraud by unauthorised mobilising of funds to the tune of Rs 460.91 crore from High Networth Individual customers and certain corporates for the purpose of investing in stock markets, assuring them high returns has been detected at Gurgaon branch of Citibank NA, he said.

The Citibank filed complaint with the police at DLF-II Gurgaon on December 5, 2010 and investigations are currently being undertaken by the Police, he said.

Shivraj Puri working as relationship manager with the Gurgaon branch was allegedly masterminded multi-crore fraud. He is currently under judicial custody.

In a separate reply, Meena said, RBI has reported that in the fraud reports submitted by the banks' involvement of bank staff wherever detected, is furnished. However, data on such involvement is not compiled by RBI by name, designation of the staff and bank wise.

RBI as part of its supervisory process has taken measures, including sensitising banks from time to time about the common fraud areas, he added.

During 2009-10, 3,369 cases of fraud were reported by public sector banks involving financial implication of Rs 1,609.05 crore, he said.

In the current fiscal, till December 2010, number of fraud reported by public sector banks was 2,764 with financial implication of Rs 1,497 crore, he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions