Citibank Execs May Face Fallout from Fraud Charges in India

According to Telegraph India, top Citibank executives may have some culpability under Indian law for alleged fraud perpetrated by Citi executives in India. Citibank Chairman William Rhodes and CFO Douglas Peterson have been named in a police “first investigation report” about a possible scam involving misappropriation of funds and sending fabricated portfolio statements to customers. Although there has been a push for a new law limiting liability for wholly owned subsidiaries, no such law is in effect, leaving Citibank execs vulnerable.