Police have so far registered two FIRs and received around 40 complaints from high net-worth clients.
Shiv Raj Puri, the alleged mastermind behind the multi-crore Citibank fraud, displayed his credibility to his potential customers, but never pushed them.
Citibank has put on sale yet another residential property on Altamount Road in south Mumbai. Earlier it had sold off prime residential property at Mumbai's National Centre for the Performing Arts for Rs 34 crore. Most of the banks are selling residential properties as they are offering a fixed cash compensation every month to their employees. Bank offices have now shifted to suburbs and employees prefer to live close to workplace. Such sales unlock value and releases capital.
The alleged mastermind of Rs 300 crore (Rs 3 billion) Citibank fraud, Shivraj Puri, invested most of the funds raised from corporate entities and high networth individuals in derivative instruments in stock markets.
The loss followed a massive fraud allegedly committed by Shivaraj Puri, a relationship manager at the bank's Gurgaon branch.
Maruti Udyog Ltd on Wednesday launched a new loyalty programme for its customers, which will see the company issue an autocard in partnership with IOC and Citibank.
Holding the bank responsible for deficiency in service, the Delhi State Consumer Disputes Redressal Commission has asked it to pay the compensation amount within a month.
Citibank India will increase the interest rate on certain loan products, including home loans, due to rise in cost of funds and new risk weight norms.
Citibank, which regards India as its top-most priority market after profits from country operations grew by 45-50 per cent in the last few years, now plans to increase its presence through 300 centres and in 35 cities in two years.
Though most foreign banks appear reluctant to establish a subsidiary here, Citi is the only bank that has so far communicated this to the regulator, in writing.
An FIR has been registered against Shivraj and his parents for allegedly duping a Mumbai businessman and his wife of Rs 13 crore (Rs 130 million) while he was out on bail.
About 35,000 credit card customers of Citibank received free tickets worth Rs 23 crore (Rs 230 million) in early 2007 under the 'Fly for Sure' promotional campaign undertaken by the bank in 2005. The customers became lucky after the bank was cautioned by the Reserve Bank of India (RBI) about consequences if customer complaints were not redressed and commitments made under the promotional scheme not honoured, banking sources said.
The Monopolies and Restrictive Trade Practices Commission passed the direction on a complaint from a credit card customer of the bank that he was wrongfully billed for a cash withdrawal of Rs 16,000, although he had never used the card in an ATM.
HDFC Ltd chairman Deepak Parekh on Thursday blamed the Rs 400-crore (Rs 4-billion) Citibank fraud to absence of specific guidelines for wealth management and expected regulators to come out with norms in this regard.
Citigroup's Citibank arm is expanding keenly in India but is wary of taking stakes in local banks because of a cap on foreign equity and limits on voting rights, company officials said
The bank's profit is buoyed by robust growth in its commercial banking and mortgage businesses.
Citibank India has reported a 46 per cent rise in net profit at Rs 571.62 crore (Rs 5.72 billion) for the fiscal ended March 31, 2004, compared to Rs 391.48 crore (Rs 3.91 billion) in the previous financial year.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
Disney and Citi organised a live musical concert--'Beauty and the Beast' for around 290 underprivileged from various NGOs spread across Mumbai.
The State Consumer Commission awarded the damages saying the supply of credit card statement details of the card holder to a third party is a 'violation of confidential relationship' between the bank and its customer and "betrayal of trust."
A Delhi consumer court has ordered multinational Citibank to refund Rs 12,292 with interest and also pay the litigation cost of Rs 10,000 to an aggrieved client for wrongful encashment of a cheque.
After two days of investigations in the multi-crore financial fraud at Citibank, the Gurgaon police have found that the main accused, Shivraj Puri, who was working as the relationship manager, had opened 18 bank accounts in his and his family members' name.
Jefferies, IIFL, and JM Financial - none of which were in the top five last year - have now claimed the top spots in the league tables for equity capital markets (ECM) during the first nine months of calendar year 2023 (CY23), a period characterised by small- and mid-sized transactions. This shift marks a significant change, with these firms outperforming the bulge-bracket investment banks. According to data provided by Refinitiv, Jefferies leads the domestic ECM market, having handled share sales worth $2.3 billion, representing 12.4 per cent of the total volume of $18.4 billion for ECM transactions.
Tata Steel's European arm, Corus, the second-largest steel maker on that continent, has appointed Citibank to help find a suitable buyer for its beleaguered Teesside Cast Products factory in northeast Britain.
"I believe it is important for an investor to not put all their eggs in one basket, and also diversify in terms of asset class," says Sanjeev Aggarwal.
'This is clearly a much stronger government, a much strong Prime Minister's Office and a much more disciplined approach. There is an improvement of the work culture in the government -- people don't play golf in the mornings anymore. There is a huge attempt going on to making business easier,' says Rakesh Mohan, executive director at the IMF.
'Citibank customers will migrate to the Axis Bank platform over 18 months.'
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
Mumbai's Church of St John the Evangelist or Afghan Church looks today as good as it did 158 years ago.
The RBI in November released a framework for large foreign banks with more than 20 branches to convert into wholly owned subsidiaries.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
Several depositors were duped in the Rs 460.91-crore alleged fraud engineered by Shivraj Puri, a Global Wealth Manager of the bank working at its branch in Gurgaon.
We have millions of newbie investors who are clueless about how to handle sudden and severe adverse market reactions, which arrive from time to time, observes Debashis Basu.
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances