Hero Group Exec Arrested In Citi Fraud Case

Introduction
An investigation into a more than $67 million assert fraud at a Citibank branch in bran-new Delhi, India led to the arrest of an executive of whizz Group, a multiform that includes Hero Honda motorcycles (Wall Street Journal, January 4, 2011). A Citigroup CEO, Vikram Pandit, and several other superior level executives were also named by regulators in India in sexual relation to the allege fraud. According to a local police report, an employee of a unit of Hero Group, which is based in the Gurgaon suburb of Indias chapiter city where the Citibank branch also was located, received commissions for investing the companys property in the so-calledly fraudulent scheme. The case, which first came to lite in December of 2010, is an embarrassment for Citibanks parent, Citigroup Inc. The U.S. banking group has said it is cooperating with authorities in India, where a series of sizable scams have come to light in the past several months, tarnishing the image of the country as a business destination. Most recently, eight senior officials of state-run banks and fiscal companies were arrested on charges of taking bribes to facilitate loans to companies in late November of 2010 (See planetary Business Times, January 4, 2011).





The Three Elements of the Opportunity Triangle: Commit, Conceal, and Convert

The alleged Citibank fraud emerged when Gurgaon police arrested Shivraj Puri, a Citibank relationship manager, for allegedly luring rich clients to invest in schemes that promised higher returns but werent backed by the bank. The arrest followed a complaint by the U.S. bank later on it noticed suspicious transactions at the branch. Sanjay Gupta, the chief fiscal officer of Hero Corporate Services Ltd., which is part of Hero Group, was arrested. Customers were promised high returns by misrepresenting a nonexistent SEBI circular. Police alleged Mr. Puri produced a fake letter from the Securities and Exchange Board of India (SEBI) to deliver the goods credibility to the...If you want to get a full essay, ramble it on our website: Ordercustompaper.com



If you want to get a full essay, wisit our page: write my paper