Admitting that it was a victim of the multi-crore fraud by a Citibank executive employed in its Gurgaon branch, Brijmohan Lal-controlled Hero Group on Friday said its exposure in the case was worth Rs.28.75-crore through its entities.
Denying that neither Hero Honda Motors Chairman Brijmohan Lal nor his son Pawan Munjal have anything to do with this case, the statement said these investments were made as part of routine treasury operations.
“Hero Group is disappointed to learn that it has become a victim of the fraud under question. It is taking appropriate action and has also initiated dialogue with relevant authorities and Citibank to recover its dues. This is to further clarify that Hero Honda Motors has no involvement in any of these investments,” the statement added.
