Archive · 23 May 2025
ED Restores Assets to Citi Bank in a 2011 Fraud Case
Imagine someone at Citi Bank, named Shivraj Puri, tricked people into investing in fake products.
He took their money, promising high returns, but it was all a lie.
This happened back in 2011.
The government investigated and found that Puri had stolen a lot of money.
The government seized some of the money and property belonging to the people involved.
Citi Bank then paid back all the investors who were tricked.
Because Citi Bank paid everyone back, the government gave back some of the seized money, about Rs 11 crore, to the bank.
The money was in a bank account and was given back to Citi Bank recently.
ED restored Rs 11 crore in assets to Citi Bank, stemming from a 2011 fraud.
Shivraj Puri, a Citi Bank employee, defrauded investors by creating fake financial products.
Puri cheated investors out of Rs 302.37 crore using fraudulent schemes.
ED attached assets worth approximately Rs 30.74 crore from the accused.
Citi Bank compensated investors and received restored assets from the ED.
- Who
- The Directorate of Enforcement (ED), Shivraj Puri (former Citi Bank employee) and Citi Bank.
- What
- The ED restored assets to Citi Bank in a fraud case.
- When
- The ED announced the restoration of assets on Thursday. The fraud dates back to 2011, and accounts were attached in 2015.
- Where
- Gurgaon, India
- Why
- Citi Bank, which had compensated the investors, was recognized as the legitimate claimant.
- Assets Restored
- Rs 11 crore
- Fraud Case Origin
- 2011
- Main Perpetrator
- Shivraj Puri
- Affected Institution
- Citi Bank
- Total Amount Cheated
- Rs 302.37 crore
- Accounts Last Attached
- 2015