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Citibank fraud: Police seek details of Puri's stock deals from NSE

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Shivraj Puri, the alleged mastermind behind the estimated Rs. 300-crore Citibank fraud, being taken away by the police after he was remanded to six days in police custody by a Gurgaon court on Thursday. — Photo: PTI
Shivraj Puri, the alleged mastermind behind the estimated Rs. 300-crore Citibank fraud, being taken away by the police after he was remanded to six days in police custody by a Gurgaon court on Thursday. — Photo: PTI

Widening the ambit of its probe, the police on Thursday sought information from the National Stock Exchange (NSE) about the investments made by the alleged mastermind of the Citibank fraud Shivraj Puri, even as it was trying to locate his iPad, which it expects to contain crucial data.

Meanwhile, a local court extended the police remand of Mr. Puri, the main accused in the Rs. 300-crore Citibank fraud, by 6 days as the police sought time to recover the iPad used by him to communicate with his clients.

Police requested the premier bourse NSE to provide details of transactions undertaken by Mr. Puri through different brokerage firms — Religare, Bonanza and Norman Martin.

Gurgaon Police Commissioner S.S. Deswal said: “We are verifying contents of records with NSE with regard to transactions.”

Most of the funds were invested by Mr. 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.

In this derivative, investors bet on an upward or downward move of Nifty; returns depend on the accuracy of such bets.

Remand extended

Chief Judicial Magistrate D.N. Bhardwaj remanded Mr. Puri to six more days in police custody after the public prosecutor said the police needed more time to gather evidence in the case.

Mr. Puri, who was a Relationship Manager at Citibank's Gurgaon branch, was arrested by the police last week after the Rs. 300-crore scam was detected. He was remanded to police custody for seven days.

Opposing the application made by the police for extension of custody, Mr. Puri's counsel Sartaj Baswana argued that the remand was being sought to extract a confession and fabricate documents.

Mr. Baswana also moved an application for an exclusive meeting with Mr. Puri. “I have moved an application for giving legal assistance to him once again, to the exclusion of police officials,” he told reporters later. — PTI


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