Citi Banks Asia Pacific fraud risk management team has been camping in India for the past two weeks conducting detailed investigations and questioning several employees who maybe suspected of being involved in prosecuting the fraud.

Employees involved have been suspected of selling investment products to clients claiming that these would generate unusually high returns. The employees claimed that the products were authorized by the banks investment product committee and used forged bank documents and letterheads to prove the same.

The suspected employees then siphoned off the funds raised from the sale of these products into their personal bank accounts and defrauded clients to the tune of Rs. 400 crore.

The suspected employees had access to High Net Worth Individual (HNI) clients of the bank and were in roles which involved servicing their requirements for investment products, according to a bank employee who spoke on condition of anonymity.

It is leant that close to 40 clients have been impacted by the fraud though the number could be much higher as investigations are still underway.

A source present there says “The incident happened moments after Salman arrived at Anil Kapoor’s birthday bash. Just a few moments before this, Anil had escorted Salman’s father, Salim Khan, into the party. Salman was alighting from his car when all of a sudden a man, who appeared to be in his mid-20s and called himself Ajay, rushed towards him, hugged him and then kissed him. It seems Salman Khan was in very high spirits. Without batting an eyelid, Salman slapped Ajay.”

Thar is a reworked version of the Commander Jeep that was pulled off the roads in early 2000.

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• 1st Test – India Vs South Africa will be held from 16-20 December 2010 at Centurion.
• 2nd Test – India Vs South Africa will be held from 26-30 December, 2010 at Durban, SA.
• 3rd Test – India Vs South Africa will be held from 02-06 January, 2011 at Cape Town, SA.

• 1st T20I – India Vs South Africa will be held on 9th January 2011 at Durban

• 1st ODI – India Vs South Africa will be held on 12 January 2011 at Durban, SA.
• 2nd ODI – India Vs South Africa will be held on 15 January 2011 at Johannesburg.
• 3rd ODI – India Vs South Africa will be held on 18 January 2011 at Cape Town.
• 4th ODI – India Vs South Africa will be held on 21 January 2011 at Port Elizabeth.
• 5th ODI – India Vs South Africa will be held on 23 January 2011 at Centurion.

1. To augment the investment of the banks in Government securities.
2. To ensure solvency of banks. A reduction of SLR rates looks eminent to support the credit growth in India.