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Bribes-for-loans case: CBI files charges

Bribes-for-loans case: CBI files charges
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First Published: Tue, Oct 04 2011. 10 51 PM IST
Updated: Tue, Oct 04 2011. 10 51 PM IST
New Delhi: The Central Bureau of Investigation (CBI) filed charges against executives at several financial services firms, including Life Insurance Corporation of India (LIC) and Punjab National Bank (PNB), in a bribes-for-loans case, CBI said on Tuesday.
CBI filed charges of accepting bribes against then secretary of state-run insurer LIC, then chief executive of LIC Housing Finance, a former general manager of Bank of India and a former deputy general manager of PNB. All those charged were arrested last year and were later granted bail.
The bribes-for-loans scandal shook the nation last November when police started probing 21 sizeable companies, hitting lending and infrastructure shares and tarnishing the country’s image as an investment destination.
CBI had said the executives at some firms had received bribes from Money Matters Financial Services, a firm cited as the mediator on the deals resulting in heavy loans to the booming infrastructure sector—builders of dams, power plants, property developers and energy equipment makers.
CBI also filed charges against the chairman of a Mumbai-based private sector firm for paying bribe, but did not identify the company.
The CBI statement on Tuesday did not name the executives charged, but said the charges were related to cases they registered last November.
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First Published: Tue, Oct 04 2011. 10 51 PM IST
More Topics: India | Corruption | Banks | Loans | Bribes |