Police to soon arrest Raghuraj Puri as an accomplice in the case

A court here on Thursday rejected an anticipatory bail plea by Raghuraj Puri, father of Shivraj Puri, the alleged mastermind of the Rs.400-crore Citibank fraud.

After the plea was rejected, Gurgaon Police Commissioner S. S. Deswal said, “We will arrest him (Raghuraj Puri) soon.” Shivraj Puri, who worked as a relationship manager in Citibank, is already in police custody.

While opposing the anticipatory bail plea, the public prosecutor said Raghuraj Puri is an accomplice in the case.

Counsel said Rs.50 crore of the scam money was invested by Shirvarj Puri in Norman Martin. Raghuraj Puri is one of the directors of the firm.

On the other hand, Sartaj Baswana, counsel for Raghuraj Puri, argued that the plea should be granted as his client's name was not in the FIR. He also claimed that Raghuraj Puri has nothing to do with his son's business.

However, the anticipatory bail plea was rejected by Additional District and Sessions Judge Subhash Goel.

Shivraj Puri is accused of luring about 40 high net worth individuals and corporate entities to invest in bogus schemes on the promise of unusually high returns and diverted their money to stock markets.

The investors have reportedly suffered a loss of about Rs.400 crore.

Most of the funds were invested by Puri into Nifty options, a derivative product with the NSE benchmark index Nifty as underlying security, where the investor has no obligation to take the delivery and needs to pay only margin money.

A senior official of Hero Corporate Services Sanjay Gupta has also been named as a co-accused in the fraud for allegedly getting Rs.20 crore commission from Puri in lieu of arranging investments.

Vikram Pandit, the Indian-born global CEO of Citibank and its Chairman William R. Rhodes, were also named in a separate FIR by investor Sanjeev Aggrawal, who lost about Rs.33 crore.

Dismissing allegation of involvement of top honchos, Citibank in a statement had said “claims against senior executives are completely without basis and we intend to contest them vigorously”. – PTI


  • 50 crore of scam money invested in firm Norman Matin, of which senior Puri is the director
  • “Claims against senior executives are baseless”