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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.

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