Gurgaon, Jan 3 (IANS) A top official of the Hero Group was Monday arrested for his alleged connivance in frauding Citibank customers, including his own company, of an estimated Rs.300 crore, police said here.

Sanjay Gupta, the chief financial officer of Hero Corporate Ltd, was arrested here Monday.

Hero Corporate Ltd is one of the associates of Hero Group which had invested money in fraud mastermind Shivraj Puri's account.

According to police, Gupta was in the know of the massive fraud perpetrated by Puri, Citibank's relationship manager.

Police said that the fraud was "done in his (Gupta's) knowledge" and Puri used to give him commission.

Gupta is being produced in a court here.

Hero Corporate is one of the associates of Hero Group which had invested money in Puri's account.

Puri had surrendered last Thursday and was handed a seven-day police remand.

According to police, firms belonging to the Delhi-based Hero Group invested Rs.200 crore in Puri's account and Rs.100 crore was invested by individuals. Puri, in turn, invested the money in five major brokerages, including Religare, Okaya and Bonanza.

Puri, working as the bank's relationship manager, allegedly cheated investors by asking them to deposit money into accounts managed by him, promising to invest it in schemes that offer very high interest in a short span of time.