Citibank fraud at Gurgaon could have been avoided

Not that "Blowing My Own Trumpet" is a regular business practice but
it is merely a fact that i came across this blog while the memory of
this Rs.300-crore SCAM [?] is fresh in everyone's mind.

If you care to go back to the previous post here, there is a mention
of "systems" and that is precisely the commodity that Citibank found
missing at their Gurgaon office.
Or, even if they claim to have had any in place,then it is pretty much
obvious that the systems in place were lacking in the very ingredients
that, though as an afterthought, were found to be absolutely necessary.

Mr. V. Ramakrishnan, the Nobel laureate in Chemistry for 2010 can be
a suitable example to quote about the need for sincerity in any field
of activity, if only for the fact that the author of this blog majored
in Chemistry [ with no formal qualifications in banking ] while Nobel
prize winner Mr. V. Ramakrishnan has no such formal qualification.

----------------------------------------------------------------------
All the Banks and Financial Institutions that feel the need to AUDIT
their internal systems in the wake of this "Citibank episode" should
discuss the matter, take appropriate decision [ as per their relevent
"system in place" ] and call the ADVISOR in...
-----------------------------------------------------------------------
[signed]
$$
Sanjeev Suri
C.E.O.
DestiNATION Excellence
Mobile : +91-9818981076
A Professional Consultancy for
Corporates Wanting to Achieve
EXCELLENCE - Worldwide !
===============================