The government on Tuesday said the Income Tax department and the Directorate of Enforcement (ED) had initiated investigations into the Rs 460-crore Citibank fraud case.
"The Investigation Directorate of the Income Tax has initiated necessary enquiries as far as the source of deposits in the Citibank case is concerned," S S Palanimanickam, Minister of State for Finance, told Rajya Sabha in a written reply.
The Directorate of Enforcement had initiated enquiries too, he added.
Several depositors and high net worth individuals lost Rs 460.91 crore in the fraud engineered by Citibank's Global Wealth Manager Shivraj Puri, working at the bank’s Gurgaon branch.
He further said to reduce or prevent such incidents, RBI has been sensitising banks through issuance of modus operandi circulars on various types of frauds.
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