| Citigroup Faces Criminal Probe for Fraud at Mexico's Banamex Unit Wochit | |
| go to original April 4, 2014 |
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According to a person familiar with the matter, federal authorities have opened a criminal investigation into a $400 million fraud involving Citigroup's Mexican unit.
The investigation, overseen by the FBI and prosecutors from the United States attorney's office in Manhattan, is focusing on whether holes in Citigroup's internal controls contributed to the fraud in Mexico.
The New York Times first reported the criminal inquiry, and report that the FBI and prosecutors are questioning whether Citigroup was equal parts victim and enabler.
The bad loans were made to Mexican oil services company Oceanografia, a contractor for Mexican state-owned oil company Pemex.
Photo: Reuters/Edgard Garrido
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