Citibank manager’s arrest stayed by Supreme Court

May 30th, 2008 - 9:07 pm ICT by admin  

New Delhi, May 30 (IANS) The Supreme Court Friday restrained the Chandigarh police from arresting Citibank’s local branch manager for allegedly embezzling Rs.11 million and shares worth Rs.16 million from a customer’s account. A bench of Justice C.K. Thakkar and Justice L.S. Panta stayed manager Parvinderjit Singh’s arrest on an anticipatory bail plea filed by him.

The bench also issued notices to the Chandigarh police and complainant Harish Goyal on whose allegations the police lodged the criminal case of cheating and breach of trust against the manager and other bank employees.

According to the criminal case, Singh along with bank’s investment counsellor Sumegh Bhatia and two employees Vishal Dhawan and Vikas Mittal tricked Goyal into signing various blank bank forms and documents to facilitate them to invest his money into shares and security instruments of various companies with high yield.

Despite the promise to invest his money into various profitable shares, in February this year Goyal found that his Rs.11 million had disappeared from his savings account in the bank.

He did not have any of the shares worth Rs.16 million in his demat account either, Goyal said in his complaint.

In the anticipatory bail plea, filed by the bank on behalf of the bank manager, the bank contended that it was not at all responsible for the loss of Goyal’s money as the bank invested his money only as per his wishes and written instructions.

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