TheStreet.com: Citigroup is investigating “suspicious transactions” by an employee in one of its branches in India.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…..
