Citi Investigates India Transactions

December 28th, 2010
in News, Background, Banking   Citigroup is investigating "suspicious transactions" by an employee in one of its branches in India.

Follow up:

Citi is looking into supposed forged documents by an employee in its Gurgaon branch. The banking institution did not say how much money was compromised as a result of the transactions, however the report cited a person familiar with the matter who speculated roughly 3 billion-4 billion rupees ($67-$89 million) and about 30-40 high-net-worth clients.

Citi "recently initiated an investigation into a set of suspicious transactions in its Gurgaon branch and immediately reported the matter to the regulatory and law enforcement authorities," the company said in a statement emailed to TheStreet.  Read more.....


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