SEBI officials to question Puri in Citibank fraud

Puri is the alleged mastermind behind the Rs 300 crore Citibank fraud.

A two-member team of capital market regulator Securities and Exchange Board of India (SEBI) arrived to question Shivraj Puri,the mastermind behind the Rs 300 crore Citibank fraud.

Officials from investigation department of SEBI will question the accused as the fund raised from High Networth Individual (HNIs) were diverted into the stock market,said Gurgaon Police Commissioner S S Deswal.

Puri,Relationship Manager employed with Citibank’s Gurgaon branch allegedly collected fund from HNIs and corporates by showing a forged notification of SEBI to lure them into investments on promise of unusually high returns.

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Among other things the SEBI team may try to figure whether the fund was invested in share price rigging or manipulation,sources said.

Meanwhile,Gurgaon Police yesterday questioned senior officials of brokerage firms Religare and Bonanza through which diverted money was invested into the stock market.

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