CBI arrests top bank officers for loan scam

by Nithya 2010-11-25 14:38:35

The Central Bureau of Investigation (CBI) on Wednesday took into its custody eight people including senior executives of different banks, whose executives gave loans to private builders in exchange for bribes.

Those arrested include Ramchandran Nair, Chief Executive Officer, LIC Housing Finance Ltd.,Naresh K Chopta, Secretary (Investment), LIC, Mumbai; R.N.Tayal, General Manager, Bank of India, Mumbai; Maninder Singh Johar, Director (Chartered Accountant), Central Bank of India, New Delhi; Venkoba Gujjal, DGM, Punjab National Bank, New Delhi; Rajesh Sharma,Chairman and Managing Director and two other officials of a Mumbai-based private financial services company in a bribery case.

The CBI has busted a racket wherein a private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans. They were also gathering confidential business information from financial institutions.

Officers of top management and middle management of various public sector banks and financial institutions viz. Bank of India, Central Bank of India, Punjab National Bank, LIC and LIC Housing Finance Ltd were receiving illegal gratifications from the private financial services company who were acting as mediators and facilitators for corporate loans and other facilities from financial institutions.

The investigating agency conducted raids at various locations in Mumbai, Delhi, Chennai, Jaipur, Kolkata and Jalandhar, which have resulted in seizure of incriminating documents.

The CBI has registered five cases in this regard and investigation is underway. (ANI)

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