Citibank CEO Ends India Trip, Dodges Questions

New Delhi
Citibank CEO Ends India Trip, Dodges Questions
outlookindia.com
-0001-11-30T00:00:00+0553
Citibank head Vikram Pandit concluded his maiden visit to India after taking over as head of the America's leading bank avoiding some tough questions like recent fraud at Gurgaon branch.

Pandit was in India to participate in the spring meeting of the Institute of International Finance (IIF), an association of over 400 global financial institutions spread across 70 countries.

His visit has come at time when Citibank is embroiled in a Rs 460 crore fraud case perpetrated by an employee of the bank at its Gurgaon branch. The fraud case is being inquired into by the Reserve Bank of India (RBI) and the local police.

In the US, Citibank is facing USD 425 million law suit in the Madoff fraud case. Fraud Mastermind Bernard Madoff was arrested in December 2008 after he admitted running a multi billion-dollar financial racket for several years.

Although Pandit participated in a widely broadcast programme at the IIF conference along with RIL chairman Mukesh Ambani and ICICI Bank chairman K V Kamath, he refused to entertain questions by the media persons on operations of the bank.

Also a scheduled press conference by Pandit on Friday was cancelled by Citibank.

Pandit took over as CEO of the Citigroup in December 2007 replacing Chuck Prince. The Indian government in 2008 had honoured Pandit with Padma Bhushan.
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