In the case of the biggest blunder in banking history, now the name of Wipro employees is coming out. In the case of the biggest blunder of Citibank (Citi’s Bank), the hands of two Wipro employees are being told.
- February 26, 2021, 3:50 PM IST
The matter is August 2016
The case of Citibank dates back to August 2016 when the bank gave a $ 1.8 million loan to cosmetic company Revlon. The loan was taken by the company to acquire a big brand. But due to the bank’s software error, the amount of $ 500 million was mistakenly transferred. According to the bank, this error occurred due to their software out of date, due to which the money was transferred to the company by mistake. But the company refused to return this amount. After that the case went to the US court. According to the information, many members of the ABTF team, including some people are involved in the process of wire transfer on August 11. It also has two employees of Wipro, who worked exclusively on the affairs of Citibank.
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The transactions of Citibank were taking place under the approval procedure, which required three people to review and approve the transaction before passing. The first people in this case were those who were employees of Wipro. The first employee, called Maker, placed the payment information manually in the bank’s Flexcube loan processing program. At the same time, the second employee, who is called the checker, keeps checking what the first employee did. The final approval came from the Citibank team and that team is believed to be responsible for the transaction.
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What did the American court say?
On this matter which has been going on in the court for almost 4 years, the US court has clearly said that this is the biggest blunder in banking history. This means that now Citibank will have to face a big punishment for this mistake and will lose $ 500 million or about Rs 3650 crore. Even before this, some such incidents have happened in the banking sector, but this is the biggest ever in terms of money.