Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the Rs 300-crore fraud at Citibank was an individual case and should not be seen as a regulatory failure.
“I don’t see this as a regulatory failure… Individual problems always crop up. But I don’t think that fraud can ever be ruled out. When it happens, you need to move quickly and take corrective action,” Ahluwalia said on the sidelines of Skoch summit.
The Reserve Bank of India is also looking into the matter, said an official from the central bank. While the SEBI and the local police are doing their investigation, the I-T department is also looking into the source of funds invested by high networth individuals (HNIs) in the schemes offered to them.
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