has settled a case with markets regulator Sebi regarding the bank's alleged failure to adequately supervise an employee who carried out an unregistered portfolio investment scheme. The case has been settled after payment of ₹4.5 crore towards settlement charges, according to a Sebi order. Further, it was alleged that through such unregistered portfolio management scheme gullible investors were promised high returns and the Citibank N.A. Since the detection and self-reporting in 2010 of the fraud perpetrated on Citibank India and certain of its customers, whose losses were met by Citi, numerous corrective actions have been taken by Citibank India, the bank mentioned. Citibank India has continued its efforts to ensure that the perpetrators of the fraud are brought to justice, the bank stated.

Source: Mint April 01, 2019 13:38 UTC