Foreign lender, CitiBank has started working for the process of compensating customers fallen prey to the multi crore scam unleashed in the bank some time back.

The lender said that the compensation process will take some time to get completed and also that the bank will continue offering all sort of support to the investigating authorities till the matter is finally shut.

"As we have stated earlier, Citi identified suspicious transactions at our Gurgaon Branch in early December and immediately reported the matter to law enforcement and regulatory authorities," the company said.

According to a familiar source, the total settlement would round up to nearly Rs 300 crore.

The bank has also not declared the total amount involved in the fraud but has only hinted that it may range in between Rs 300 crore to Rs 400 crore.