The U.S. government has opened an investigation into Citigroup’s Mexican unit over $400 million in fraudulent loans, according to a report by the New York Times. Citigroup disclosed in February it discovered that at least one employee at its Mexican unit, Banamex, falsified documents in order to give a Mexican oil services company a loan it cannot repay. Now, U.S. federal authorities are investigating Citigroup’s internal controls and whether the bank ignored warning signs of the fraud.
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