The Enforcement Directorate will soon file a case of money laundering in connection with the Rs 400 crore fraud allegedly perpetrated by a Citibank employee.
Official sources said the Directorate, which has studied the details of the police FIR in the case and scrutinised other aspects of the scam, has decided to file a case under the stringent Prevention of Money Laundering Act.
The scam, which came to light late last year, shook the banking sector. Investigations into the irregularities at Citibank Gurgaon branch came in the wake of a complaint that the bank was offering abnormal returns on an investment scheme for investors.
It was found that Relationship Manager Shivraj Puri had allegedly collected the money, including from certain top corporates, on the basis of a fake SEBI circular that claimed the scheme had the market regulator’s approval.