New Delhi, Feb 6 (PTI) The Enforcement Directorate willsoon file a case of money laundering in connection with the Rs400 crore fraud allegedly perpetrated by a Citibank employee.
Official sources said the Directorate, which has studiedthe details of the police FIR in the case and scrutinisedother aspects of the scam, has decided to file a case underthe stringent Prevention of Money Laundering Act.
The scam, which came to light late last year, shook thebanking sector. Investigations into the irregularities atCitibank Gurgaon branch came in the wake of a complaint thatthe bank was offering abnormal returns on an investment schemefor investors.
It was found that Relationship Manager Shivraj Purihad allegedly collected the money, including from certain topcorporates, on the basis of a fake SEBI circular that claimedthe scheme had the market regulator''s approval.
Securities and Exchange Board of India (SEBI) later wroteto the bank saying no such scheme was approved by it.
The sources said the ED case will focus on Puri andothers who were involved in laundering of such huge amount ofmoney.
Interestingly, the Income Tax department has alreadybegan scrutinising the investments and tax payments of somehigh net worth individuals who were allegedly duped by Puri.
Under the PMLA, the Directorate has the right to attachboth movable and immovable properties of the accused.
The entities whose funds were diverted by Puri into theaccounts of his relatives include Hero Corporate Services (Rs13.75 crore), OKS Sapan Tech (Rs 2 crore) and Satyam Auto (Rs25 crore).
Others include Mayar Infratech (Rs 24 crore), Spaid (Rs62 crore), Karopat Pad (Rs 8 crore), Sunil Kant and Sons (Rs 3crore), Aero Infratec (Rs 25 crore), Hero Exports (Rs 97crore), Rekha Munjal (Rs 5 crore), Munjal Investments (Rs 2.5crore) and Munab Braej (Rs 71 crore).
In December last, Puri was taken into custody forallegedly duping about 40 high net worth investors andcorporate entities to the tune of Rs 400 crore.