New Delhi, Jan. 5: Sanjeev Aggarwal, who has named top Citibank officials in his FIR related to an alleged fraud, says senior bank officials had offered him a “settlement” in the second week of December against his Rs 32.43-crore loss.

“Initially I agreed, but they did not specify anything later. They kept quiet whenever I contacted them. I had no option but to register an FIR,” the managing director of Helion Advisors told The Telegraph today, explaining his delay in approaching Gurgaon police.

Asked why his FIR named the bank’s global brass, including its India-born global CEO Vikram Pandit, he said he had lost his money because of a “systemic failure”.

“The multinational bank should own up responsibility... and the top officials cannot be spared considering the magnitude of the fraud. It is not the job of a single person. Other senior officials were also hand in glove with Puri,” he said.

Gurgaon police commissioner S.S. Deswal, however, said there was hardly any possibility of questioning Pandit and other senior Citibank officials. “The probe is in its initial stage and the possibility of the involvement of the global CEO of the bank looks remote,” he said.

Deswal, however, said the police would question officials of Citibank’s Gurgaon branch.

Aggarwal said he had contacted a few senior Citibank officials about the misappropriation of his “life savings”, and they had assured him “I would get it (his money) back”.

“I was in constant touch with them over the last couple of weeks... (but) the offer did not reach any logical conclusion,” he said at his upscale single-storey apartment in Gurgaon.

Aggarwal said he had “smelt a rat” in the first week of December when he received a call from a senior bank official, Amrita Farmahan. The official told him that Shivraj Puri, the Citibank relationship manager who looked after Aggarwal’s wealth management account, had gone on leave and would not be coming to office for some time.

Puri, who allegedly cheated investors with a fake Securities and Exchange Board of India (Sebi) letter, is the prime accused and was arrested in end-December.

“I smelt a rat after the conversation with Farmahan and asked Citibank to send a detailed list of our investments. After examining the statement... we found it different from the statements we used to get from Puri’s bank email account,” Aggarwal said.

He said he had been easy prey for Puri. “He used to take my signatures on blank requisition forms for investments to be made on my behalf in case of my unavailability. It is a common practice and I trusted the bank blindly as I travel a lot.”

Aggarwal said these forms were entrusted with Citibank for safekeeping and were to be used responsibly in the customer’s interest. “I trusted the bank because of its global brand but the bank has betrayed me.”

Aggarwal said the problems may have started over the past one year, during which Puri was the only person from the bank who visited him. He recalled their first meeting in March 2007.

Two senior bank officials had brought Puri to his office, Aggarwal said. “They said he would look after my wealth management account. He is a smooth talker and tried to impress me a lot. He promised to multiply my wealth by investing in several schemes and I took his word.”

He said he had no reason to disbelieve Puri as he was the “face” of the bank and was introduced to him as the “custodian” of customers’ interests. Since then Puri used to send him statements regularly.

Aggarwal’s association with the bank goes back to 2002 when he had opened a savings account for the first time. In 2004, he opened the wealth management account after senior officials approached him.

“They said they would manage my wealth as they know which share or mutual fund to buy or sell, keeping in mind the customer’s interests. I found it reasonable.”

Is he hopeful of getting his money back?

“Yes, I am hopeful. The bank has to compensate my losses,” Aggarwal said before leaving to meet his lawyers with wife Shikha, the joint holder of the account, to chalk out his next move.

Citibank said in a statement that Aggarwal’s “claims against senior executives are completely without basis and we intend to contest them vigorously”.

“As this individual knows well, Citi identified the fraud and immediately reported the matter to the regulators and the law enforcement agencies,” the statement said. “His claims against senior executives are completely without basis and we intend to contest them vigorously. It was on the Citi complaint that Gurgaon police lodged an FIR and are currently investigating the matter,” the statement said, adding the bank would continue to work with authorities on the investigation.

Aggarwal’s complaint names Puri, Pandit, Farmahan, Amit Zarpuri, Ashwini Chaddha, Rahul Soota, N. Rajshekaran and Pramit Jhaveri.

A two-member Sebi team has questioned Puri and Sanjay Gupta, an assistant vice-president of the Hero Group, a PTI report said. Gupta was arrested on Monday for allegedly investing in the scheme Rs 250 crore from various group companies and their promoters against a commission of Rs 20 crore from Puri.

The team also questioned the staff of brokerage firms Religare and Bonanza through which the funds were allegedly routed to stock markets.

Reserve Bank deputy governor K.C. Chakrabarty said the central bank would look into the fraud.

The Hero Group has sent two employees, Ganpat Singh and Gaurav Jain, on leave suspecting their involvement, PTI added. They were working in the accounts department and may have colluded with Gupta, the company said. The company has already suspended Gupta.