Shivraj Puri, the alleged mastermind behind the multi-crore fraud in the Citibank branch here, was arrested on Thursday.
Top police officers, however, declined to give details including where exactly he was arrested. He is likely to be produced before a court on Friday.
Meanwhile, Gurgaon Police Commissioner S. S. Deswal told reporters that the size of the fraud could be about Rs.300 crore.
He said 40 teams have been constituted to crack the case that involved alleged siphoning of funds taken as investments from high networth individuals into a personal account of the prime suspect Puri and three of his accomplices.
Mr. Deswal said Puri’s father Raghuraj Puri purportedly owns a brokerage firm, Norway Martin, through which diverted funds were invested in the stock market.