Fraud and financial literacy

"Mastermind of Rs 400 crore Citibank scam arrested again," were the headlines last week. While the headlines appeared to imply that this was someone who had defrauded Citibank of Rs 400 crore, the truth was the opposite. This was a Citibank employee who had defrauded the bank's customers of that amount. I had actually written about this case in this column when it had come to light almost a decade ago. You can Google the details by searching for 'Shivraj Puri Citibank' if you are curious but there was actually nothing surprising about what had happened. It was the kind of fraud that was just waiting to happen.

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