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Housing Scam: CBI Arrests CEOs Of LIC Housing Finance, Money Matters

24 November, 2010

In a series of scams that have been plaguing the country, the latest one to be unearthed today is a housing scam in which several public sector banks and a leading financial services firm have been implicated.

The Central Bureau of Investigation, India’s premier investigating body, has arrested at least eight officials from banks and financial institutions on charges of taking bribes to grant large corporate loans.

This included the CEO of LIC Housing Finance Corporation Ramachandran Nair and also Rajesh Sharma, the CEO of Money Matters Financial Services, a financial services firm, on the charges that they  intermediated these loan. The others arrested include Central Bank of India director Maninder Singh Johar, Punjab National Bank deputy general manager Venkoaba Gujjal, Bank of India general manager RN Tayal, LIC Secy (Investment) Naresh Chopra.

The investigative agency also raided offices of the company in New Delhi, Mumbai, Kolkata, Delhi and Jalandhar.

Five separate cases have been registered and investigations are on, CBI said in a press conference, according to reports. It hasn’t put up a figure to the size of the scam.


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3 Comments
Rohan . 6 years ago

LIC name being dragged in frauds is going to be a big dent in an institution which has stood years serving india. this was one of the few institutions in whom we believed blindly…its sure going to shake the pillars of trust it has developed over a century…

SUBRAMANI . 6 years ago

IT IS GOOD THOUGH IT MIGHT SLEEPLESS NIGHT TO THE ARRESTED PERSONS FAMILY BUT IT A WARNING TO BANK OFFICIALS,CHARTERED ACCOUNTANTS AND ENGINEERS TO DO THEIR DUTY IN PERFECT MANNER

mkreddy . 6 years ago

THIS IS THE PROVERBIAL OF THE ICEBERG!

there ARE MANY BANK CREDIT TRANSACTIONS DONE NOT NECESSARILY AS PER THE CREDIT NORMS AND STANDARDS

Housing Scam: CBI Arrests CEOs Of LIC Housing Finance, Money Matters

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