The CBI on Wednesday arrested CEO of LIC Housing Finance Ramachandran Nair and seven others including three top officials of public sector banks whose executives gave loans to private builders in exchange for bribes.
Apart from Nair, those arrested are Naresh K Chopra, Secretary (Investment), LIC, R N Tayal, General Manager of Bank of India (Delhi), Maninder Singh Johar, Director (Chartered Accountant) of Central Bank of India, Venkoba Gujjal and Deputy General Manager of Punjab National Bank (Delhi).
Rajesh Sharma, Chairman and Managing Director of Mumbai-based firm Money Matters Ltd and two of its employees – Suresh Gattani and Sanjay Sharma – were among those arrested, CBI said.
The officials allegedly colluded with the firm to sanction large scale corporate loans, overriding mandatory conditions for such approvals along with other irregularities. Loan scam: CBI arrests top govt officials