Hero Group Exec Arrested In Citi Fraud Case

Introduction An investigation into a more than $67 one million million million assert fraud at a Citi desire 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 opposite superior level executives were also named by regulators in India in sexual relation to the allege fraud. According to a local anaesthetic 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, get commissions for investing the companys property in the so-calledly fraudulent scheme. The case, which first came to unaccented in December of 2010, is an embarrassment for Citibanks parent, Citigroup Inc. The U.S. banking group has said it is cooperating with governing in India, where a series of sizable scams have stick to to light in the past several months, tarnishing the image of the area as a business destination. Most recently, eight aged(a) officials of state-run banks and fiscal companies were arrested on charges of taking bribes to facilitate loans to companies in late(a) November of 2010 (See planetary Business Times, January 4, 2011).

The Three Elements of the Opportunity Triangle: Commit, Conceal, and permute 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 indorse 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 work Ltd., which is part of Hero Group, was arrested. Customers were promised high returns by misrepresenting a wanting SEBI circular. Police alleged Mr. Puri produced a fake letter from the Securities and transposition 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

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