citigroup financial statements 2021

"[92] By this time, the Saradha Group financial scandal had colloquially become known as "Bonzi"a portmanteau of the words Ponzi and Bengal. We are extremely pleased with this outcome for our consumer colleagues and clients. Citigroup annual revenue for 2019 was $103.449B, a 6.52% increase from 2018. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. We use the Personal Information we collect to provide, maintain, and improve the Services. [59][60], Saradha Group also enlisted Kunal Ghosh, another TMC MP, as the CEO of the media group. The Great Recession in the United States was a severe financial crisis combined with a deep recession. A list of certain Citi entities can be found at: http://www.sec.gov/Archives/edgar/data/831001/000083100115000043/citi-exhibit2101x12312014.htm. It has a market leading Corporate Bank in India that is the largest in APAC. We find such processing is necessary to comply with our legal obligations. The group collected around 200 to 300 Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. [137], The Saradha scandal became a major campaign issue amongst the political parties in West Bengal during the 2014 national election. Vs. State of Kerla JT2008(7)SC614", "Ponzi schemes show failure of formal banking", "Indian Ponzi scheme pushes many to penury", "Dear KC Chakrabarty, here's the real reason why people invest in Ponzi shemes", "Saradha fraud: Blame the RBI for the repressed formal financial sector", "Saradha scam: a wake-up call for investors", "Mamata Banerjee vows to repay depositors of Saradha group's Sudipta Sen", "The fall of Saradha group revives old ghosts of ponzi schemes going bust", "60 firms like Saradha operating in Bengal", "Sudipta Sen: The man with 'three wives and five houses', "Chit fund scam: Saradha group chairman Sudipta Sen arrested from Kashmir", "How a Saradha receptionist became executive director in just 3 years", "The Political Economy of Shadow Finance in West Bengal", "In story of Saradha's crores, Bengal's forgotten hundreds", "PM says unauthorized deposit collection has to be curbed", "Saradha chit fund scam: State government failed, but so has centre", "In Bengal's grey 'money market', Saradha is just one", "Sebi's Saradha order came 3 years after probe started", "Motorcycle factory, cited in chit-fund letter bomb, that ran on deceit", "After Saradha, next target should be Rose Valley: Sushil Modi", "Disassociate Saradha from chit fund sector, says chit fund association", "How Sudipta Sen's strategy stumped Sebi", "Sleuths track 'J Ali' lead in Sen case", "Money trail leads to hawala channels, offshore accounts", "Saradha group ch(ea)t fund: A money trail of fraud", "Saradha a classic Ponzi schemes: Why there will be more suckers", "Bengal's film industry dances to ponzi fund tune", "How Trinamool burnt its fingers in the Saradha chit fund scam", "Shocking: Bollywood actor, TMC MP Mithun Chakraborty's name surfaces in Saradha scam, gets ED summon", "Mamata benefited most from Saradha scam, suspended TMC MP Kunal Ghosh says", "Three TV channels owned by Saradha Group to be auctioned", "Mamata Banerjee making all efforts to save Saradha Group's media companies", "Saradha scam: Actor Aparna Sen questioned by ED", "Filmmaker Aparna Sen questioned in Saradha scam probe", "Saradha chief used fake mobike plant to dupe investors", "Chit fund scam: Mamata Banerjee donated Saradha sops, faces backlash", "Chit fund scam: Saradha shadow over football field", "Scam hurts Trinamool image, Mamata faces dissent", "Who would fund puja celebrations after Sudipto? Please note that Personal Information we have collected in connection with your personal account with us is not subject to the requirements of CCPA because it is already protected under existing federal and California state privacy laws, including the Graham Leach Bliley Act. As a result, while we strive to protect your information, we cannot guarantee its security. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more [76][77], Allegedly several political leaders received financial support from Saradha Group, including MPs of TMC, the incumbent ruling party of West Bengal. Citigroup annual revenue for 2021 was $79.865B, a 10.1% decline from 2020. The EU has a long-term budget, named Multiannual Financial Framework. Get all the latest India news, ipo, bse, business news, commodity only on Moneycontrol. Alvotech : publishes prospectus related to the admission to trading and listing on Nasdaq .. Alvotech's Trading In Iceland Shifts To Main Market From First North Growth Market, Alvotech Shares Start Trading on Nasdaq Iceland Main Market, Alvotech and STADA Broaden Access to Hukyndra adalimumab biosimilar in Europe, Morgan Stanley Starts Alvotech at Equalweight With $10 Price Target. In February 2014, Sudipta Sen was convicted in a case where he was charged, under various provisions of employment law, as a director of Saradha Group for his failure to deposit with the provident fund authorities INR 0.03 million that his firm owed to its employees; he was sentenced by the trial court to three years in jail, it was the first conviction in a series of civil and criminal cases, relating to corporate fraud and non-payment of deposits, pending against him. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. Citis Banking, Capital Markets and Advisory Group is acting as exclusive financial advisor to Citi in respect of the transaction. Citi is the leading global bank. Please be advised that this site is not optimized for use with Microsoft Internet Explorer 6. Your consent of the Notice and User Agreement upon joining the Citi Alumni Site is deemed that you agreed that your personal information will be controlled, not by Citibank Korea Inc. nor other subsidiaries and affiliates in Korea ("Citi Korea"), but by Citigroup Inc. NY, USA and/or Citi entity which operates the Services you are accessing. Students stopped going to school. Technology's news site of record. On 7 December 2012, Reserve Bank of India (RBI) governor Duvvuri Subbarao said the West Bengal government should initiate suo motu action against companies that were indulging in financial malpractice. Actions to facilitate the wind-down of consumer and local commercial banking will commence this quarter. If you are in the European Economic Area ("EEA"), you have certain rights and protections under the law regarding the processing of your personal data. Ernst & Young Merchant Banking Services Pvt.Ltd. Please consult your financial, tax, or other advisors to learn more about how state-based benefits and limitations would apply to your specific circumstance. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth.. [56] With enormous funds at its disposal, Saradha invested in high visibility sectors, such as the Bengali film industry,[57] where it recruited actress and Trinamool Congress (TMC) Member of Parliament (MP) Satabdi Roy as its brand ambassador. We advise you to read the Notice in its entirety, including the jurisdiction-specific provisions in the appendix to this Notice, which will apply to users in certain jurisdictions. Expand your Outlook. [174] Because most of the Saradha Group depositors came from the lowest economic strata, the loss of the investment would cause a further decrease in social mobility. [43], SEBI first confronted Saradha Group in 2009. Citi has been present in India since 1902 and is a banker of choice for large and mid-sized corporates, financial institutions and multinational companies operating in the country. [149][150], According to media reports, around 210 agents, depositors and executives or directors of various money pooling companies have committed suicide in the aftermath of the Saradha Group's collapse. Dimon was previously on the board of directors of the Federal Reserve Bank of New York. danielle.romeroapsilos@citi.com, Investor Contact: [181][182] The investigation was headed by the detective department of Bidhannagar police. U-Ms net position increased $5 billion in FY 2021 to $19.5 billion, primarily due to substantial investment returns as financial markets experienced tremendous growth following the impact of the pandemic-induced slowdown from the prior year. Er zijn steeds meer gevallen van schurft in de studentenstad Delft. Web beacons are electronic images that may be used in our Services or emails and help deliver cookies, count visits, and understand usage and campaign effectiveness. Suggesting that you will receive a different price or rate for goods or services or a different level or quality of goods or services. [159] During subsequent bilateral meetings, Bangladesh Foreign Minister Abul Hassan Mahmud Ali conveyed deep apprehensions about funding for terrorists flowing from India to Bangladesh to Ajit Doval, the Indian National Security Advisor (NSA). With a physical presence in 95 countries, Citi works closely with global clients, attracting both FDI and FPI flows and showcasing India as a key global supply chain destination, while facilitating investments into the country across asset classes. This website and materials accessible from this website may include "forward-looking statements" within the meaning of the U.S. Citibank, N.A. Your personal data may be stored and processed in any country where we have facilities or in which we engage service providers. [84][85] According to officials investigating the case, the actual amount paid could be almost double of what is being claimed. Citi serves over 2000 international corporations in India and 300+ large domestic companies and financial institutions. [73] To further etch itself in the socio-cultural milieu of Bengal, Saradha Group invested in football rivals and the best-known football clubs in Bengal: Mohun Bagan A.C. ( 18million in 201011) and East Bengal F.C. Citibank House, Upperhill, Upperhill Road, Third quarter 2022 qualitative disclosures, Second quarter 2022 qualitative disclosures, First quarter 2022 qualitative disclosures, Third quarter 2021 qualitative disclosures, Second quarter 2021 qualitative disclosures, First quarter 2021 qualitative disclosures, Third quarter 2020 qualitative disclosures, Second quarter 2020 qualitative disclosures, First quarter 2020 qualitative disclosures, Third quarter 2019 qualitative disclosures, Second quarter 2019 qualitative disclosures, First quarter 2019 qualitative disclosures, Third quarter 2018 qualitative disclosures, Second quarter 2018 qualitative disclosures, First quarter 2018 qualitative disclosures, Third quarter 2017 qualitative disclosures, Second quarter 2017 qualitative disclosures, First quarter 2017 qualitative disclosures, Third quarter 2016 qualitative disclosures, Second quarter 2016 qualitative disclosures, First quarter 2016 qualitative disclosures, Third quarter 2015 qualitative disclosures, Second quarter 2015 qualitative disclosures, First quarter 2015 qualitative disclosures, Third quarter 2014 qualitative disclosures, Second quarter 2014 qualitative disclosures, First quarter 2014 qualitative disclosures, Third quarter 2013 qualitative disclosures, Second quarter 2013 qualitative disclosures, First quarter 2013 qualitative disclosures, Citibank, N.A. If you would like to submit a request pursuant to the California Consumer Privacy Act ("CCPA"), please visit Citi's Privacy Hub at online.citi.com/dataprivacyhub or call us at (833) 971-1191. These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citigroup's 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. Latest breaking news, including politics, crime and celebrity. These statements are not guarantees of future results or occurrences. [32][33] She was arrested together with Sudipto Sen.[34] At the time of her arrest Debjani was in her early 30s. If you are contacting us from outside the United States, please refer to the Citi website in your country or use the contact details in the local privacy notice for your product. Private Securities Litigation Reform Act of 1995. [81][82] The group also had financial dealings with Ganesh Dey, the confidential assistant of the finance minister of the erstwhile Left Front government, who was later expelled. Citigroup Inc. (Citi) is a financial services holding company. [108] Mamata Banerjee led State Government staunchly opposed all investigations by federal investigative agencies CBI, ED and SFIO; conceding only after the Supreme Court ordered the federal agencies to take up the investigation. A list of data protection authorities is available here. [196] By April 2014, the commission had refunded 400,000 depositors who had invested less than 10,000. 212 816 2264 Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi. Saradha Group adapted by opening up to 200 new companies to create more cross-holdings. These statements may be identified by words such as believe, expect, anticipate, intend, estimate, may increase, may fluctuate, target, illustrative and similar expressions or future or conditional verbs such as will, should, would and could. After stalled talks, about 1,100 New York Times journalists began a 24-hour strike at midnight on December 8; the last union contract expired in March 2021 New York CNN Business A 24-hour strike at The New York Times, a historic demonstration in which more than 1,100 employees A Times of India interviewee said, "'The entire Dakshin Barasat today looks like it was hit by a cyclone. For Immediate Release Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. This is a positive outcome for our staff and our priority has been on securing their future. If you would like additional information regarding the applicable Citi entity or entities, please contact us. [170] On 9 May 2014, the same bench of the Supreme Court ordered CBI to investigate all Ponzi schemes, including Saradha, in Eastern India. [157], In response to the expose, the Government of Bangladesh, led by Sheikh Hasina, ordered the formation of a commission to further investigate the matter. Jeroen Holtrop spreekt hierover met GGD-arts Karlijn te Paske en de studenten zelf. Citi will not discriminate against you because you elect to exercise these rights, including by: Charging you different prices or rates for goods or services, including through the use of discounts or other benefits or imposing penalties. For purposes of this subsection, the terms "consumer," "categories of personal information," "business purpose," "third party," and "sell" have the meanings ascribed to them respectively in the CCPA. Your curated resource for news, articles, and research about the environment, cities, people, and technologies. [109], The state government decided to repeal an existing Bill passed by the Left Front Government in 2009, which had not received the approval of the President of India. The Saradha Group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds in Eastern India.. [110][111] On 30 April 2013 the new BillThe West Bengal Protection of Interest of Depositors in Financial Establishments Bill (2013), was passed in a two-day special session of the West Bengal Legislative Assembly. Its accounts must be audited and it must also have explicit permission to operate from the market regulator Securities and Exchange Board of India (SEBI). Any changes will become effective when we post the revised Notice on the Site. ", "Where there is a will, not bill, there is a way Cops seal two firms' offices", "Sen panel to recommend selling of Saradha assets", "Saradha more equal than others Court seeks annual report", "Tripura may order CBI probe into Saradha chit fund scam", "Saradha arrests: Non-cooperation charge may prove costly for state", "Bengal government putting obstacles in Saradha probe to save Trinamool", "Mamata Banerjee government suppressing Saradha facts: Left Front", "Supreme Court directs CBI to probe Saradha, other deposit-taking firms", "SC orders CBI probe into Saradha chit fund scam", "Congress Questions Mamata's Meeting with Saradha Scam Mastermind", "CBI arrests Sadananda Gogoi in Saradha scam", "Odisha's former advocate general Ashok Mohanty arrested in chit-fund scam", "Former Assam DGP, under scanner in Saradha scam, commits suicide", "First Mamata minister Madan Mitra arrested in Saradha chit fund scam", "Saradha scam: CBI arrests Trinamool Congress MP Srinjoy Bose", "The Shillong session: When Rajeev Kumar was quizzed for 39 hours over 5 days", "CBI's Attempted Arrest of Kolkata Police Commissioner Was an Attack on Federalism", "Saradha case: Supreme Court seeks reply from Vodafone, Airtel on CBI plea", "Saradha chairman Sudipta Sen sentenced to three years in jail", "Politicians who took money from me, cheated people are now joining BJP, alleges jailed Saradha promoter", "Abhishek Banerjee exposes letter accusing Suvendu Adhikari of extorting Rs 6 cr from chit fund agency", " ", "Sudipta Sen Letter: ' ' ", "-: ", 2013 Indian Premier League spot-fixing and betting case, AJL-National Herald Panchkula land grab case, Concerns and controversies over the 2010 Commonwealth Games, Gurugram Rajiv Gandhi Trust land grab case, Bank of Credit and Commerce International, FacebookCambridge Analytica data scandal, Benami Transactions (Prohibition) Act, 1988, Disqualification of convicted representatives in India, Criminal enterprises, gangs and syndicates, Chartered Bank of India, Australia and China, Mercantile Bank of India, London and China, Structured Financial Messaging System (SFMS). [116], On 8 May 2013, Banerjee said West Bengal was considering setting up a government-backed small savings fund to encourage small depositors to invest in it rather than in Ponzi schemes. These factors include, among others, the successful sale of the India consumer businesses, including within the expected timeframe, macroeconomic and local market conditions, consumer preferences, and the precautionary statements included in this release. Find stories, updates and expert opinion. Kenya Branch Privacy Statement. 6 crore from chit fund agency. [139] Mamata Bannerjee, Chief Minister of West Bengal and Chairperson of TMC, attacked P. Chidambaram, the finance minister of the central government, alleging a political vendetta in the timingcoinciding with the parliamentary electionsof a spurt in Enforcement Directorate investigation. We collect two types of information: Personal Information and Other Information. [25] No action was taken until after the fraud was uncovered, when many measures were announced. For more information about cookies and how to disable them, please see "Your Choices" below. See Note 7 to the Consolidated Statement of Financial Condition. Under CCPA, an authorized agent is a natural person or a business entity registered with the Secretary of State to conduct business in California that a consumer has authorized to act on their behalf subject to the requirements. Our Services are not designed for children and we do not knowingly collect personal data from children under the age of 13. At times, amounts on deposit In order to verify your request, we will require you to provide your social security number, tax ID number or passport number and issuing country, in addition to your first and last name, email address and mailing address. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. [46][47] Investors were rarely informed about the true nature of their investments. [96] Despondency quickly spread across Bengal. Citi strives to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. The new Bill was then sent for presidential approval. [40] The group used a nexus of companies to launder money and evade regulators. Ten years of annual and quarterly financial ratios and margins for analysis of Citigroup (C). Statement of Financial Condition when a valid master netting agreement exists and the other conditions set out in ASC Topic 210-20, Balance SheetOffsetting, are met. [183] Kunal Ghosh and other Ponzi fund officials from Saradha were repeatedly questioned by police to determine the true assets of the company and other facets of the fraud. [79] Sudipto Sen, the group's chairman and managing director, reportedly spent 18.6 million (US$230,000) to buy paintings by Mamata Banerjee, whose government later issued a notification that public libraries should buy and display Saradha Group newspapers. Liabilities to related parties .. Taxes payable . Other current liabilities Unaudited Condensed Consolidated Interim Statements of Cash Flows. On 25 April 2013, India's Income Tax department and Ministry of Corporate Affairs started separate investigation into the Saradha affair and similar Ponzi funds masquerading as NBFCs or CISs. ", "BJP questions Mamata Banerjee's silence over CBI quizzing TMC leaders", "New bill on chit funds by Bengal govt sparks off debate", "West Bengal passes new Bill to protect investor interests", "West Bengal to bring new bill on protecting investor interest", "New Bill For Investor Protection To Have More Teeth", "Mamata Banerjee moots social security scheme after Saradha chit fund scam", "Bengal to take over 2 TV channels of Saradha Group, but not liabilities", "Assembly passes Assam Protection of Interests of Depositors (in Financial Establishments) Amendment Bill", "Assam Bill awaits Guv nod to nip Saradha-like scams in bud", "Odisha Police registers second case against Saradha Group", "Chit fund Saradha's office closed in the state", "Orissa ponzi scam surpasses that of Bengal by Rs 2,140 cr", "Corporate Affairs Ministry to probe Saradha group", "Saradha chit fund scam: ED registers money laundering case", "Working hard to save investors from Ponzi schemes: SEBI", "Saradha scam: Probe panel set up to fix loopholes in laws", "Sebi working on norms to incorporate new powers", "Sebi enacts stricter laws on CIS, front running", "Chit fund: TMC questions role of Chidambaram's wife in Saradha group", "Many claims in letter Sudipta Sen's missive to CBI", "Open season on Saradha scandal Rahul's turn to target Mamata, earn wrath", "Saradha scam: Mamata targets Chidambaram over ED probe", "Modi taunts Mamata over Saradha; Look after your wife, retorts TMC", "Narendra Modi slams Mamata Banerjee over Saradha scam, TMC calls him "Butcher of Gujarat", "Mamata Banerjee's party calls Narendra Modi 'butcher of Gujarat', "As CBI's Saradha net closes in on her party, Mamata Banerjee flexes her cadre muscle", "TMC fields law minister to lead anti-CBI protests", "Investors ransack Saradha's Bengal offices, knock at CM's door", "Politicians, academicians arrested over Saradha scam protest", "Chitfund Sufferers' calls for 'Rail Roko' in Kolkata: 20000 expected to squat on Railway Lines", "Ponzi victims in Garia face 'TMC' wrath", "CBI forms SIT to probe Saradha group, 17 other firms", "Mystery Surrounds Pakistan Citizen's TMC MP Post", "Saradha scam shocker: Mamata Banerjee's aide, TMC MP's link with terror group SIMI, Jamat exposed", "Report: India's Saradha Group funded Jamaat violence", "Saradha scam with Trinamool links may also have funded Bangla Islamists", "Mamata summons Bangladesh Deputy High Commissioner", "India Should Unmask Saradha Link to Jamaat", "Bangladesh rakes up Saradha money with India", "Concern expressed over Saradha's Jamaat funding", "Road blockades across Bengal; two PILs filed", "Saradha money scam: Calcutta High Court and Central govt stepping in", "Panel lifeline for two TV channels owned by Saradha", "State probe for now into Saradha default", "SC notice to Centre, Bengal for CBI probe into Saradha scam", "Saradha report 'sketchy' - SC: Where has depositors' money gone? Mumbai Citi today announced that it has reached an agreement with Axis Bank Limited (Axis) for the sale of Citis consumer businesses in India. [58] Under Kunal Ghosh, the group acquired and established local television channels and newspapers, investing around 9.88 billion (US$120million) in the media group.

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