Million-Dollar Trader Gets Suspended For Alleged Petty Theft At Staff Canteen

One of Citigroup’s top traders in its Canary Wharf, London headquarters was suspended following his alleged routine move of evading payments at the company canteen.

According to the Financial Times, 31-year-old Paras Shah is believed to have made over $1 million annually and is the head of the company’s high-yield bond trading departments for Africa, Middle East and Europe.

The outlet reported that Shah’s suspension was handed last month, following an accusation that he stole food from the cafeteria. His suspension also reportedly came weeks before the company’s bonus season, sources said.

Shah was accused of evading payments for the sandwiches he took from the company cafeteria but it is unclear when exactly the incidents occurred or how often they happened.

In an interview with Mail Online, Shah’s cousin, Dinesh, spoke up on the issue. Dinesh, a senior research scientist, said the family was “worried” about Shah’s condition following his suspension.

Dinesh noted that Shah’s loved ones are “very upset” about the matter since they did not expect his cousin to commit the alleged thefts. He added that Shah loves to eat cheese and pickle sandwiches that the latter makes at the comforts of his home.

Neighbors around Shah’s north London property reported that they saw him in his home on Tuesday but the blinds on his home were drawn. Dinesh said “it’s obvious” Shah is trying to avoid conversations about the issue.

Shah, who hails from India, worked with HSBC for seven years before he joined Citigroup in 2017. Last month, Reuters, citing sources, reported that Shah left Citigroup after experiencing difficulties in the market for a year.

While Shah’s case is the latest that shook the trading industry, it is not the first time a top financial figure was caught up in a similar situation, BBC News noted.

Roughly six years ago, Jonathan Paul Burrows, then director of investment management firm BlackRock, was removed from his post and was also banned from taking any positions in the financial services sector.

Burrows’ removal and ultimate ban was carried out after he was accused of repeatedly commuting to London without paying for his train tickets. At that time, the City discovered that Burrows saved nearly $56,000 in evaded train ticket fare.

Shah has yet to make a statement on the issue and Citigroup declined to provide a comment to the Financial Times, the outlet said.