Citi case: Hero Corp Services suspects 2 employees

Our Bureau New Delhi | Updated on January 06, 2011 Published on January 06, 2011

Hero Corporate Services (HCS), a privately-owned entity of the BML Munjal controlled Hero Group, said on Wednesday it has identified two employees who could have colluded with Mr Sanjay Gupta, Associate Vice-President (Accounts), arrested in the Citibank fraud case. Both the employees have been told to go on leave by the company with immediate effect.

“Following an initial internal enquiry, two employees — Mr Ganpal Singh and Mr Gaurav Jain — working in the Accounts Department have also been identified to have been in possible collusion with Sanjay Gupta and Citibank employees,” a statement issued by Hero Corporate Services said.

This is in addition to the suspension of Mr Gupta by the company, it added. HCS has also said that further appropriate action would be taken after the final outcome of the enquiry.

Earlier this week, Mr Gupta was remanded to five-day police custody in connection with the Citibank fraud case. He was arrested under the charge of criminal conspiracy and for allegedly receiving Rs 20 crore in commission from Mr Puri for parking the funds of Hero Group entities in the sham investment scheme.

Meanwhile, the Gurgaon police on Wednesday ruled out, at this point of time, the possibility of the involvement of Citi's Indian-born global CEO, Mr Vikram Pandit, and other top officials in the Rs 300-crore fraud case even as an FIR named the top honchos of the bank. “At this point of time the possibility of involvement of the global CEO...India head looks remote,” Mr S.S. Deswal, Gurgaon Police Commissioner, told presspersons here.

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Published on January 06, 2011
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