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: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
« 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

Income - Tax Department investigating Citibank fraud case
March, 09th 2011

The income tax department is probing the source of deposits of 20 high net-worth customers affected by the 400 crore fraud at Citibank's Gurgaon branch.

The investigation directorate of the department has initiated enquiries in this regard, the minister of state for finance, SS Palanimanickam, informed the Rajya Sabha on Tuesday. He also said that the enforcement directorate was investigating if the case involved money laundering.

The move also puts some corporate houses, such as Hero Group, OKS Sapan Tech and Satyam Auto, under the scanner of the income tax department, which will be looking for tax evasion. The employee fraud, involving transactions of around 400 crore, was detected last December. Investigations into the scam are being led by Harayana Police.

Citibank had said earlier that it was 'in the process of working towards a fair compensation' for impacted customers. According to police, corporates such as Delhi-based Hero Group had invested 200 crore in the account of the main accused, Shivarj Puri, while 100 crore had been invested by individuals.

Other companies named include OKS Sapan Tech and Satyam Auto. The Hero Group had issued a statement saying its exposure to the scam was just 28.75 crore and that investments were made by its entities. Police had later arrested Sanjay Gupta, associate vice-president of Hero Corporate Services, on charges of forging documents and criminal conspiracy.

An enquiry had also been initiated by market regulator Securities and Exchange Board of India (SEBI) into the possibility of share price manipulation and involvement of brokerages. Puri had invested the money in five major brokerages, including Religare, Okaya and Bonanza. According to the finance ministry, a forensic audit has also been initiated by Ernst & Young at the initiative of Citibank. The bank has conducted an internal investigation through Citi Security and Investigation Services.

The RBI has conducted a special scrutiny of the related accounts at Citibank, Gurgaon (branch) and other connected accounts at other banks.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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