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This is an archive article published on March 12, 2011

Citi fraud: Co-accused Gupta8217;s bail plea rejected again

A local court rejected the bail plea of Sanjay Gupta,a co-accused in the Citibank fraud case.

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A local court rejected the bail plea of Sanjay Gupta,a co-accused in the Citibank fraud case.

Rejecting the bail plea,Additional Sessions Judge Vimal Kumar said,8221;The banking transactions show transfer of huge amount of money to the tune of Rs 20 crore to Sanjay Gupta8217;s account. So,Sanjay Gupta is involved in the corporate scam,8221; Citibank counsel Harish Malhotra argued against the bail plea in the additional sessions court.

This was second bail plea of Gupta,who was Associate Vice President Accounts of one of the Hero Corporate Services,a Hero Group entity.

Several depositors and high-networth individuals NHIs were duped to the tune of Rs 460 crore in a fraud allegedly masterminded by Citibank8217;s Global Wealth Manager at Gurgaon branch Shivraj Puri.

The Director of Income Tax and the Directorate of Enforcement ED have initiated investigation in the Citibank fraud case.

 

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