Mumbai, Jan. 15: Citibank today said it has started a process of compensating clients who had been cheated by an employee of its Gurgaon branch, defrauding them of Rs 400 crore.

The foreign bank, however, did not elaborate on how much it planned to pay its clients.

“We have been reconciling amounts involved with impacted customers and are now commencing the process of working towards a fair compensation for them. This process will happen over a period of time,” a Citibank statement said.