Introduction An investigation into a more than $67 one million million assert fraud at a Citi aver branch in bran-new Delhi, India led to the arrest of an executive of whizz Group, a multiform that includes Hero Honda motorcycles (Wall Street Journal, January 4, 2011). A Citigroup CEO, Vikram Pandit, and several otherwise superior level executives were also named by regulators in India in sexual relation to the allege fraud. According to a topical anaesthetic police report, an employee of a unit of Hero Group, which is based in the Gurgaon suburb of Indias chapiter city where the Citibank branch also was located, veritable commissions for investing the companys property in the so-calledly fraudulent scheme. The case, which first came to lite in December of 2010, is an embarrassment for Citibanks parent, Citigroup Inc. The U.S. banking group has said it is cooperating with government in India, where a series of sizable scams have start to light in the past several m onths, tarnishing the image of the outlandish as a business destination. Most recently, eight ranking(prenominal) officials of state-run banks and fiscal companies were arrested on charges of taking bribes to facilitate loans to companies in later(a) November of 2010 (See planetary Business Times, January 4, 2011).
The Three Elements of the Opportunity Triangle: Commit, Conceal, and switch The alleged Citibank fraud emerged when Gurgaon police arrested Shivraj Puri, a Citibank relationship manager, for allegedly luring rich clients to invest in schemes that promised higher returns but werent sanction by the bank. The arrest followed a complaint b! y the U.S. bank later on it noticed suspicious transactions at the branch. Sanjay Gupta, the chief fiscal officer of Hero Corporate service Ltd., which is part of Hero Group, was arrested. Customers were promised high returns by misrepresenting a missing SEBI circular. Police alleged Mr. Puri produced a fake letter from the Securities and deepen Board of India (SEBI) to deliver the goods credibility to the...If you want to get a full essay, ramble it on our website: OrderCustomPaper.com
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