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December 30, 2010    

Police arrest Indian Citibank employee

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by Kay Murchie

Police in India have today arrested a Citibank employee who has been accused of cheating clients out of billions of pounds.

However, 32-year-old Shivraj Puri, has told reporters he is innocent. He told the Times of India newspaper: “I have already given full details to the police. I have full faith in the judiciary. Truth will come out.”

He has reportedly managed to dupe high net worth investors after forging Securities and Exchange Board of India (SEBI) documents, which offered lucrative returns claiming they had the backing of Citibank.

There are reports that broking companies Religare, Bonanza and Okaya are also involved in the fraud.

The figure involved has not been disclosed but investigators have said at least £13 million was stolen.

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