Some light may be shedding on the split announced in early December between Honda and India’s largest motorcycle manufacturer, Hero Group.
On January 1, Sanjay Gupta, chief financial officer and associate VP of Hero Corporate Services, a branch of Hero Group, was arrested in Gurgaon, near New Delhi, and questioned by police in connection with a multi-million dollar Citibank fixed deposit scam.
Gupta’s arrest came one week after Shivraj Puri, an executive at a Gurgaon Citibank branch was arrested and interrogated about the case by police.
Puri and his associates allegedly used forged documents to coax wealthy corporate clients out of 8 billion rupees ($88.7 million CDN). Hero Group had invested an undisclosed amount into Puri’s account and Gupta received commission from Puri and had knowledge of the fraud.
Citibank discovered the plot several months ago and tried to settle the matter internally with Puri but filed a complaint with police after payments stopped.