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Business News/ Companies / People/  ED files money laundering case against ex-Syndicate bank CMD
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ED files money laundering case against ex-Syndicate bank CMD

CMD of Syndicate Bank S.K. Jain among others were last year arrested by CBI in a bribery and corruption case

CBI claimed to have recovered cash to the tune of Rs21 lakh from Jain’s residence besides gold worth Rs1.68 crore and fixed deposits of up to Rs63 lakh. Photo:Dhiraj Singh/BloombergPremium
CBI claimed to have recovered cash to the tune of Rs21 lakh from Jain’s residence besides gold worth Rs1.68 crore and fixed deposits of up to Rs63 lakh. Photo:Dhiraj Singh/Bloomberg

New Delhi: The Enforcement Directorate (ED) has registered a money laundering case against the former CMD of Syndicate Bank S.K. Jain and others who were last year arrested by CBI in a bribery and corruption case.

Sources said the agency slapped charges under the Prevention of Money Laundering Act (PMLA), taking cognisance of the CBI FIR which had accused Jain of receiving a bribe of 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid down procedures. “The agency has registered a money laundering case against Jain and others. Preliminary inquiries in the case have detected that Jain allegedly has assets procured through tainted means. The ex-Chairman and managing director of Syndicate Bank would soon be questioned," sources in the agency said.

Jain was arrested by CBI in August last year for allegedly negotiating with Bhushan Steel for an illegal gratification of 50 lakh in return for granting credit extension to that company as it had defaulted on the payment of loan instalments amounting to crores of rupees to the bank.

Vice-Chairman of the company Neeraj Singhal, who is named in the FIR, is alleged to have made the payment through a conduit Purushotam Totlani to Vineet Godha, brother-in-law of Jain. CBI claimed to have recovered cash to the tune of 21 lakh from Jain’s residence besides gold worth 1.68 crore and fixed deposits of up to 63 lakh.

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Published: 03 Apr 2015, 07:07 PM IST
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