CITIGROUP chief executive Vikram Pandit was among the executives named in a fraud case registered by the Indian police yesterday.
The bank has been accused of investment fraud by one of its New Delhi customers, Sanjeev Agarwal, who put the cost of the alleged fraud at around 324m rupees (£4.6m) in a written complaint.
The bank said in a statement that it identified a fraud and immediately reported it to regulators and law enforcement agencies.
It added that the claims against senior executives “are completely without basis and we intend to contest them vigorously”.
A Citigroup employee in New Delhi was arrested last month and has been suspended by the bank.
The police said yesterday that they had registered the case and will investigate the charges.