Loan scam busted: 8 banking officials under CBI arrest
By Joseph Samson
Nov 25, 2010
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With the major housing finance racket being busted by the Central Bureau of Investigation, eight senior officials of big financial services firms were arrested yesterday.

The CBI has arrested them under charges of bribing senior officers of public sector banks as well as financial institutions so as to make way for big ticket loans and also for letting out business information.

The inspector general of CBI, P. Kandaswamy, however did not reveal the size of bribes. Officials of big firms like LIC Housing Finance, Bank of India, Central Bank of India and Punjab National Bank have been arrested. CBI also stated that three officials of financial services firm, Money Matters Group have also been arrested.

"It's an individual case of bribery. There is no large-scale scam. Banking system is sound," Minister of State for Finance Namo Narain Meena said.


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