Sept. 19 (Bloomberg) -- HSBC Holdings Plc said it is a victim of a $75 million fraud by Hassan Nemazee, a top fundraiser for President Barack Obama and Hillary Clinton who was arrested last month for defrauding Citigroup Inc. The U.S. unit of HSBC, the worldâs third-largest bank by market value, filed a $75 million fraud lawsuit against Nemazee in New York State Supreme Court in Manhattan. The Sept. 2 suit came a week after Nemazee was arrested by the Federal Bureau of Investigation for cheating Citigroup out of $74 million. According to U.S. prosecutors, Nemazee, 59, repaid $74 million he stole from Citigroup by tricking another bank to lend him the money on Aug. 24. That came a day after Nemazee was questioned by the FBI about the alleged Citigroup scam and the day before he was arrested. Prosecutors didnât identify the second bank in an account that corresponds to the allegations in the complaint by HSBC Bank USA. âOn Aug. 24, Nemazee drew down $75 million of his available $100 million in credit from HSBC,â the London-based bank said in its fraud and breach-of-contract complaint. âLater that day, Citibank, which sometime prior to Aug. 23, 2009, began to cooperate with federal law enforcement officials concerning Nemazeeâs activities, accepted a wire transfer from Nemazee repaying Nemazeeâs loan to Citibank, which at that time amounted to more than $74 million.â http://www.bloomberg.com/apps/news?pid=20601087&sid=ab9bfCl56Ax8 Seems this guy wanted to implement a risk free arbitrage opportunity...