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Citigroup worker accused of stealing $400 million in massive scam with Mexican oil bu
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Citigroup worker accused of stealing $400 million in massive scam with Mexican oil bu

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Citigroup worker accused of stealing $400 million in massive scam with Mexican oil bu

The questioning is the latest development in a thorough investigation into third largest U.S. bank, by assets.

According to a statement released Friday, Citigroup learned on Feb. 11 that lending client and Mexican oil-services company Oceanografia SA de CV had been suspended from being awarded new Mexican government contracts.

With that knowledge, the bank began investigating its own relationship to the company, discovering on Feb. 20 that Oceanografia allegedly submitted nearly $400 million of fraudulent invoices for short-term credit from Citigroup.

All these invoices had been processed by a bank employee.

The invoices were to finance money owed by a Mexican state-owned oil company named Petróleos Mexicanos, or Pemex. Oceanografia is a major supplier to Pemex.

Under the terms of their agreement with Citigroup, Oceanografia transferred accounts receivables to Banamex in exchange for cash, meaning Pemex paid Banamex once contracts were fulfilled.

Oceanografia was extended a full $585 million in short-term credit by the end of 2013.

The fraud revelations have forced Citigroup to revise its fourth-quarter and full-year results by approximately $235 million after-taxes.

The Wall Street Journal's source claimed Citigroup notified Mexican police when it believed it had been defrauded, adding that some 'oddities' had been noticed from one of its own workers.

It is possible more than one Banamex worker was involved in the fraud, and the investigation into both current and former employees is ongoing.

The Mexican government has since seized control of Oceanografia to preserve records and continue operations, said Mexico Attorney General Jesus Murillo Karam on Friday.

He added that early investigations found 'inconsistencies in documentation.'

Pemex representatives said they had no information regarding the investigation but were cooperating.

'I can assure you there will be accountability for those who perpetrated this despicable crime and any employee who enabled it, either through lax supervision, circumvention of our controls, or violating our Code of Conduct,' said Citigroup Chief Executive Michael Corbat.

Citigroup worker accused of stealing $400 million in massive scam with Mexican oil businesses | Mail Online

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