Banamex security co in fraud probe was set up to protect board members -source
MEXICO CITY Oct 14 (Reuters) - The new fraud uncovered at Citigroup's troubled Mexican subsidiary Banamex relates to a security company the bank set up in 1994 to protect board members and their families from kidnapping, a person familiar with the investigation told Reuters on Tuesday.
The company was found to have submitted expense claims that were unsubstantiated and amount to a fraud of $15 million, the person said.
Citigroup said in a statement earlier on Tuesday that the security company is being wound down.
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