Citi banker accused of Rs.300 crore fraud gets six-day police remand

Citibank manager Shivraj Puri, accused of masterminding a Rs.300 crore fraud, was handed a six-day police remand Thursday.

‘Puri was produced in court and he has been remanded to six-day police custody,’ Puri’s lawyer Sartaj Baswana said.

An official said police took Puri’s custody to trace an iPad that contains important information. Also, experts with knowledge in stock exchange functioning would question him during the remand period.

Puri surrendered to police Jan 30 and was handed a week-long police remand by a special court in Gurgaon the same day.

Working as a relationship manager, Shivraj allegedly cheated investors by asking them to deposit money into accounts managed by him, promising to invest it in schemes that offer very high interest within a short span of time.

Puri allegedly managed to con companies and high net worth individuals after forging a Securities and Exchange Board of India (SEBI) document that purportedly backed his claims about schemes offering high returns.

He will be again produced before the court Jan 12.