When Citi was Found Sleeping

Suresh Chandra Bihari (IBS Hyderabad, India)
Copyright: © 2014 |Pages: 277
EISBN13: 9781466649644|DOI: 10.4018/978-1-4666-4357-4.ch021
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“Citi never sleeps” is the famous signature claim of Citi bank. But their claim was made a mockery in a high profile branch in India where several depositors and high-net worth individuals were duped in a fraud to the tune of Rs 460.91 crore, engineered by their Global Wealth Manager Shivraj Puri who was working at Gurgaon branch of the bank. Corporate houses like the Hero group and 20-odd people invested in schemes which were sold to them by showing them a forged letter of the market regulator, Sebi. The clients were offered super normal returns and were lured by the Relationship Manager who enjoys a special relationship of trust and confidence with the clients. The clients were cheated understandably for their lack of understanding of the nuances of the product. But the greater issue at stake was the onerous practices of Wealth Management by banks in India and the lack of regulatory control in this fast developing area that allowed the incident to happen in the first place.
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