US BANK Citigroup said on Tuesday (December 28) it was investigating a set of suspicious transactions based on what it said were forged documents by an employee at a branch in India.
The bank did not say how much money was involved, but a person familiar with the matter said the transactions may involve between Rs3bn and 4bn ($67m/£43.52m-$89m/£57.81m).
“We recently initiated an investigation into a certain set of suspicious transactions based on documents forged by an employee involving a few accounts in our Gurgaon branch,” the bank said in a statement.
The source, who declined to be identified, said the case involved 30 to 40 high net worth individual clients.
The bank said it has reported the matter to law enforcement and regulatory authorities.
