New Delhi: The economic offences wing of the Central Bureau of Investigation on Wednesday unearthed a major fake housing loan racket and raided various LIC offices and banks across the country. CBI conducted raids in banks and offices of LIC Housing Finance in several cities across the four metros.
Reports say CBI has arrested Ramchandranan Nair (CEO, LIC Housing Finance Ltd, Mumbai), Naresh K Chopra (Secretary, Investment, LIC Mumbai), R N Tayal (General Manager, Bank of India, Mumbai), Mahinder Singh Johar (Director, Central Bank of India, New Delhi), Venkoba Gujjal (DGM, Punjab National Bank, New Delhi), and Rajesh Sharma, Suresh Gattani and Sanjay Sharma of M/S Money Matters.
Raids were conducted at company offices in Mumbai, Kolkata, Delhi and Chennai and senior company executives questioned.
Sources also say a senior official of the Central Bank of India was questioned, though the bank denies it.
News of the raids took housing finance stocks down, with LIC housing stocks plunging by 20%.
Source: http://ibnlive.in.com/news/housing-loan-scam-top-lic-bank-officials-held/135758-3.html?from=tn
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