Syndicate Bank CMD in CBI net on bribery charge

Aug 03 2014, 00:33 IST
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SummaryAfter keeping a watch on the activities of Jain for the past six months, CBI sleuths finally swooped on his relative.

The CBI on Saturday arrested six persons, including chairman-cum-managing director of Syndicate Bank SK Jain, for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules.

After keeping a watch on the activities of Jain for the past six months, CBI sleuths finally swooped on his relative and a Madhya Pradesh-based chartered accountant and arrested them while allegedly receiving cash from representatives of companies that have been involved in the coal scam.

The CBI has filed two cases against Jain — accusing him of receiving a bribe of R50 lakh through conduits, and abusing his official position to enhance the credit limits of some companies in violation of laid down procedures, sources said. CBI conducted searches at 20 places in Delhi, Mumbai, Bangalore and Bhopal.

“We are determined to fight corruption at high levels and today’s case was one such example,” Sinha said.

In this case, CBI alleged that the conduit was the brother-in-law of the CMD and the deal was struck by the chartered accountant who started his own firm of providing loans to big corporates. CBI claimed to have recovered R21 lakh in cash from Jain’s residence, besides gold worth R1.68 crore and fixed deposits up to R63 lakh.

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