Citi fraud: Money trail traced to Nifty index options

Investigations into the Citibank fixed deposit scam reveals that a majority of the money was routed from Religare and Bonanza to the derivative market, say Gurgaon Police sources. This money was invested into Nifty index options.

Investments made into the Nifty index options, sources say, were part of wealth management accounts. The Securities and Exchange Board of India continue to investigate the matter A handful of HNI investors have come forward as the police are pro actively reaching out to investors. Sources added that many HNIs complained that their long term investments were liquidated but the police are yet to verify these complaints.
 
Citi had filed an FIR against one of its employees - Shivraj Puri who allegedly siphoned off money from various HNI clients. Shivraj Puri's parents have been summoned but are yet to respond.