After the fraud

It’s been 10 months since Citibank’s relationship manager Shivraj Puri allegedly defrauded investors of Rs 300 crore. There are now signs of a shuffle in the Gurgaon division where he worked.

N. Rajasekharan, earlier head of global consumer group in India, has moved to Thailand. Head of retail banking Rahul Soota, who reported to Rajasekharan, is on “gardening leave”; insiders say he may join Dhanalaxmi Bank. Amrita Farmahan, who headed the north and east regions, hasn’t been in office for a few weeks. Insiders say she was asked to stay at home while RBI conducted inquiries. The three were named in an FIR filed by Sanjeev Aggarwal, MD, Helion Ventures, who claimed to have lost Rs 33 crore in the scam. The bank’s response: “Citi reported the matter to regulatory and law enforcement agencies after discovering the fraud. Citi has been cooperating with the regulators and the investigating agencies, and will continue to do so. We also believe the incident in Gurgaon was an isolated one. Since the matter is still under investigation and is sub judice, Citi will not be able to provide further comments at this stage.”