Barclays banker sacked, now under CAD probe

Barclays banker sacked, now under CAD probe
Barclays' NRI team is led by Vikram Malhotra who was promoted last month to head its Global South Asia Community business.

SINGAPORE - Barclays has sacked a senior private banker from its non-resident Indian (NRI) team for alleged misuse of client money.

The banker Jagdish Kale joined Barclays Wealth in early 2010 and he was dismissed by the British bank last month. He is under investigation by the Commercial Affairs Department.

"This case involves an isolated banker. We do not comment on ongoing investigations; however, we take matters that affect the safety of our clients' wealth very seriously," said a Barclays spokeswoman.

Mr Kale declined to comment when contacted by BT on Monday.

The spokeswoman also said the bank is working closely with the authorities and has hired a forensic team for its internal investigations. Affected clients have been informed and the bank will make good any loss suffered by them.

"We have notified the relevant authorities and are working closely with them to expedite investigations. We have hired a Big 4 forensic team for our internal investigations," she said.

A police spokesman said it is inappropriate to comment on its investigations, if any.

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