A special court on Monday extended the CBI custody of the eight accused in the LIC housing scam till December 3. All seven accused, allegedly involved in bribe-for-loan case, were produced before Justice SP Tavade of Bombay City Civil & Sessions court in Mumbai.
While LICHF former director & CEO RR Nair has been accused of his involvement in acceptance of briber worth Rs 45 lakh, RN Tayal former general manager, Bank of India has been accused of accepting bribe worth Rs 30 lakh.
CBI prosecutor said as the agency was still busy scrutinising documents, it should be granted the extension of remand for all the accused until December 5.
The CBI has termed the case as an example of white-collar crime, which resulted in a loss worth Rs 200 crore for LIC Housing Finance (LICHF) alone.
CBI has got tapes of conversation of the entire racket for a period of one year so as to quantify its investigation, said CBI counsel.
The advocate for Nair pleaded that as a director of LICHF, he (Nair) could only recommend loan as the entire decision was to be taken by the board only.
The CBI advocate pleaded that as the transaction happened through electronic transaction at different places, hence CBI needed more time to complete its probe.
For example, Tayal was posted in Chennai at the time of his arrest by the CBI. Prior to it, he was posted in Mumbai. Though it was six months ago when Tayal was transferred to Chennai, still he was alleged to have promised Rajesh Sharma of Money Matters getting finance for his real estate clients cleared by the bank.
UPDATE: Mr Rajesh Sharma, Accused in Spl Case CBI Nos: 9/11, 65/11, 66/11, 71/11 & 72/11 has informed that he was discharged from prosecution commenced under provisions of the IPC and Prevention of Corruption Act, 1988 in all these cases by Orders passed by HHJ Sp Judge Mr A A Khan (CR 47) on 17.06.2015.