Hero Group has identified two more employees who partiipated in the 300Cr. Citi Bank scam after its Assistant Vice President Sanjay Gupta was arrested in connection with the scam recently.
Hero Corporate Services relased a report today that stated two more employees, named Ganpat Singh and Gaurav Jain, working in the accounts department of the comapny, also have been identified to have possible collusion with Sanjay Gupta and Citibank employees in connection with the scam. The report also added that they have been sent on leave with immediate effect by the company.
Gupta was remanded five day police custody in the case involving 250Cr. investment of money of Hero Group promoters in the high profile 300 Cr. Citi Bank scam possibely invloving employees of both companies. Gupta was arrested by the Gurgaon police under the section 120B of the Indian Penal Code dealing with criminal conspiracy.
Police also registered case against top Citi group officials in India and US including Citibank CEO Vikram Pandit, chairman William R. Rhodes, chief financial officer John Gerspach and chief operating officer Douglas Peterson. Police believes that many arrests could take place in the case.
Sanjay Gupta formed two Finance companies named G2S and BG Finance to channel the money in the $88 million scam. There are other possible channels that may have been used by Gupta to transfer money from various accounts.