In a report filed with the city court, the police said that Puri was a “educated and clever person” and had diverted funds of companies and individuals into an account jointly held by his relatives Premnath Puri, Diksha Puri and Shaila.

Although Puri is in police custody, all his three relatives named in the report are absconding.

“In the fraud, transactions worth Rs 400 crore had happened…(Police is) taking assistance of chartered accountants. Inflow/outflow chart is being prepared in presence of Puri”, the report said, adding SEBI is also conducting its own enquiry.

Earlier the police had estimated the total fraud at Rs 300 crore.
The entities whose funds were diverted by Puri into the account of his relatives include Hero Corporate Services (Rs 13.75 crore), OKS Sapantak (Rs 2 crore) and Satyam Auto (Rs 25 crore).

They also include Mayar Infratech (Rs 24 crore), Spaid (Rs 62 crore), Karopat Pad (Rs 8 crore), Sunil Kant and Sons (Rs 3 crore) Aero Infratec (Rs 25 crore), Hero Exports (Rs 97 crore), Rekha Munjal (Rs 5 crore), Munjal Investments (Rs 2.5 crore) and Munab Braej (Rs 71 crore).

Besides the entities named in the report, police further said that they were trying to ascertain records of other entities who had lost money in the fraud uncovered at Citibank’s Gurgaon branch late last month.

Police said efforts were also being made to find out the properties owned by Puri and his relatives.

Police has also not being able to recover the iPad, a latest electronic device, used by Puri to communicate with his clients and store data, it said.

Giving details of the case, the report said, the joint account through which heavy transactions were undertaken was opened in September 2009.

This came to light during an investigation in December 2010.
The investigations followed a complaint that bank was giving abnormal returns on a scheme to investors. It was found that Puri had collected the money on the basis of a fake SEBI circular purportedly issued to Citibank.

Market regulator Securities and Exchange Board of India (SEBI) later wrote to the bank saying no such scheme was approved by it.

Police also alleged that Puri used to give fake receipts and bank statements to his clients to mislead the investors.

The police report said that Puri used to divert money belonging to entities into the demat accounts held by his relatives in brokerage firms Religare and Bonanza.

“Puri has cheated both bank and the SEBI”, it said, adding they have sought details of investments made through Bombay Stock Exchange and National Stock Exchange.

Police is also seeking transaction details from brokerage firms Religare and Bonanza.

The complaint in the fraud case was filed by assistant vice president of Citibank, Binu Somen, following which Puri surrendered on December 30 before the city court.

Besides Puri, associate vice president of Hero Corporate Services Sanjay Gupta was also arrested for his involvement in the case.

The city court on Saturday extended his remand for seven days till January 15. Gupta had allegedly invested Rs 250 crore belonging to Hero Group entities and promoters in the schemes.

This allows for all federal loans to be bundled into a single loan for a lowered fixed interest rate. By this, it is going to considerably decrease the amount of regular monthly repayments for all the combined federal student loans as much as 50%. Applying for the loan doesn’t require any extra fees or costs and further credit checks. The borrower will simply have to qualify for the following requirements including $20,000 minimum amount of federal loans, no record of serious delinquency or default in any of the federal loans received, and should be a graduate or on half-time enrollment.

With the Citibank student loans consolidation, the consumer is now able to simply make a single monthly payment while obtaining a small fixed rate for the life of the loan. This slow-growth overall economy has prompted many households to watch out for ways on how to manage their money and debt. Lingering problems inside the financial system in the past couple of years hasn’t spared federal education loans, which have been a cause of concern for numerous households and individuals.

Obtaining a college education continues to be seen as the road to achieve financial success and students have been supplied funding to achieve that goal. However, many younger Americans are finding themselves struggling with debt in the process, and in need to find solutions to improve their financial condition.Many find themselves in this tough situation these days.

The Wall Street Journal has noted that it was a frequent problem for college students to draw out way too many loans, not looking at the fine print of the loan agreement, and discovering themselves not able to pay punctually. Several lenders have started to provide products and services that consolidate these loans and focus on graduate and undergrad students.

The Citibank student loans consolidation is probably the most typical in the market.Consolidating federal student loans allows for an expansion of the time for loan repayments from 10 years up to thirty years according to borrower’s financial condition and ability to pay back existing debt.Citibank student loans consolidation helps borrowers manage their finances and allows them to spend on other expenses while benefiting from a low fixed interest rate for the life of the loan.

For example if you take a NRI housing loan for purchase, construction, extension or renovation of a new house or flat from ICICI Bank, it will happily finance 85% of the total cost of the property. However, if you take a NRI home loan for purchase of a plot of land for residential use, the maximum amount of home loan financed will be 75% of the total cost of the property.

Again there are special schemes offered by banks, which break all the rules, like the one from Citibank, which provides a NRI home loan up to 89% of the property value if the loan value is less than or equal to Rs. 50 lakhs.

Here is a roundup of the maximum and minimum loan amounts offered by various banks for their NRI home loans:

Minimum loan amount
SBI offers a NRI Home Loan for a minimum of Rs. 3 lakhs ICICI Bank gives a NRI home loan for a minimum of Rs 5 lakh. ICICI bank offers a minimum of Rs. 10 Lakh for loan against property Citibank offers a NRI home loan for a minimum of Rs. 2.1 lakhs

Maximum loan amount
SBI offers a NRI housing loan for a maximum of 60 times NMI ( Net Monthly Income) or 5 times NAI (Net Annual Income) for applicants below 45 years of age and 48 times NMI or 4 times NAI for applicants above 45 years of age SBI special maximum loan amount terms:
Maximum loan amount for repairs and renovation: Rs.10 lacs Maximum loan amount for purchase of plot for construction of house : Rs.20 lacs Aggregate repayment obligations should not exceed 50% of NMI or NAI
ICICI Bank gives a NRI home loan for a maximum amount of Rs. 1 crore. Citibank provides a NRI home loan for a maximum of Rs. 5 crore. This amount is available for a loan of 15 years tenure. The maximum amount for 20 year NRI home loan from Citibank is Rs. 1 crore.

As per a circular issued by the RBI on 31st January, 2007, if the loan is against the NRI’s NRE and FCNR accounts, the maximum loan amount cannot exceed Rs. 20 lakhs.

Do you fear of flying? Then, you better get prepared for the once-in-a-lifetime chance to pilot a plane! Now you have the chance to experience becoming a pilot via Citibank home loan? WTF, that’s too great!
Guaranteed Gifts (all 5 below):
- Free Flying Lesson worth RM750
- Free 5 Days 4 Nights stay for 2 (Bali or Phuket) worth RM4500
- Free 3 Days 2 Nights stay for 2 at a local holiday destination of your choice worth RM1500
- Kipling vouchers worth RM100
- 50% off Kenny Hoo Good Feng Shui consultation services

Besides, you will be entitled for 10 entries upon approval of your new home loan to participate Citibank Big 50 Contest to win another extra 50 gifts! Don’t you think that is an excellent mortgage refinance package offered by Citibank?
Some highlights of Citibank Home Loans features:

Flexibility in Repayment
- Make extra payments of any amount, at any time
- No notice required
- No fees charged

Daily Interest Calculation
- Interest is reduced as soon as the extra payment is made

Free Moving Cost
- No legal fee
- No stamp duty
- No valuation fee
- No discharge fee
- No processing fee

The Citibank home refinance offers are valid for loan submission between 1 July and 30 September 2009, and loans accepted by 31 October 2009. Terms and Conditions apply. For more information, Citibank Call Center at 1300 13 8800