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CBI Busts Loan Scam

LIC Housing CEO and executives from PSU banks held on charges of taking bribes for large corporate loans

The Central Bureau of Investigation (CBI) on Wednesday arrested at least eight officials from banks and financial institutions on charges of taking bribes to grant large corporate loans.

Officials arrested include the chief executive of LIC Housing Finance, a general manager of Central Bank of India and senior officials of Punjab National Bank (PNB) and Bank of India (BOI), a joint director of the CBI told the media. CBI said classified business information was also given out for favours.

CBI also said officials of Money Matters have been arrested for broking the bribery deals. The LIC secretary (investments, Mumbai) has also been arrested on bribery charges.

CBI is seeking 14 day police custody of those arrested in the case.