The chairman-cum-managing director of Syndicate Bank SK Jain, along with 11 others, was arrested by the CBI on Saturday for allegedly accepting bribe of Rs 50 lakh for increasing the credit limit – against banking rules – to a section of private companies involved in coal scam.
Sources said after being instructed by the CBI director Ranjit Sinha, the sleuths were keeping track on all of them for the last few months. Acting on a tip off, the officers on Saturday managed to arrest all of them when the exchange of money was on.
They were arrested under sections of Prevention of Corruption Act, 1988 and criminal conspiracy.
‘We have evidence against them for committing the crime and for abusing official position to enhance the credit limits of some companies. We have seized several documents, cash, bank deposits and gold during a series of raids at 20 different locations in Delhi, Mumbai, Bangalore and Bhopal,’ a CBI source said.
Probe revealed that the mastermind of the crime were Jain’s brothers-in-laws (Vineet Godha and Puneet Godha) and the deal was struck by the chartered accountant identified as Pawan Bansal who has started his own firm of providing loans to big corporate houses.
A statement issued by the CBI reads: ‘Cash to the tune of Rs. 21 lakh from Jain’s residence besides gold worth Rs. 1.68 crore and fixed deposits up to Rs. 63 lakh were seized.’
Two separate FIRs were lodged where CBI has named Neeraj Singal, vice president and managing director of Bushan Steel, Ved Prakash Agarwal, chairman-cum-managing director of Prakash Industries, Pawan Bansal, chartered accountant, Vineet and Puneet Godha (relatives of Jain), Vijay Pahuja, Purushotam Totlani and Pankaj Bansal as accused. All of them are now in CBI’s custody.
On 8 July, 2013, Jain left Bank of Baroda as Executive Director and became the CMD of Syndicate Bank. He is a qualified chartered accountant and started his banking career in June 1987 as a Credit Manager in Dena Bank.
Sources said after being instructed by the CBI director Ranjit Sinha, the sleuths were keeping track on all of them for the last few months. Acting on a tip off, the officers on Saturday managed to arrest all of them when the exchange of money was on.
They were arrested under sections of Prevention of Corruption Act, 1988 and criminal conspiracy.
‘We have evidence against them for committing the crime and for abusing official position to enhance the credit limits of some companies. We have seized several documents, cash, bank deposits and gold during a series of raids at 20 different locations in Delhi, Mumbai, Bangalore and Bhopal,’ a CBI source said.
Probe revealed that the mastermind of the crime were Jain’s brothers-in-laws (Vineet Godha and Puneet Godha) and the deal was struck by the chartered accountant identified as Pawan Bansal who has started his own firm of providing loans to big corporate houses.
A statement issued by the CBI reads: ‘Cash to the tune of Rs. 21 lakh from Jain’s residence besides gold worth Rs. 1.68 crore and fixed deposits up to Rs. 63 lakh were seized.’
Two separate FIRs were lodged where CBI has named Neeraj Singal, vice president and managing director of Bushan Steel, Ved Prakash Agarwal, chairman-cum-managing director of Prakash Industries, Pawan Bansal, chartered accountant, Vineet and Puneet Godha (relatives of Jain), Vijay Pahuja, Purushotam Totlani and Pankaj Bansal as accused. All of them are now in CBI’s custody.
On 8 July, 2013, Jain left Bank of Baroda as Executive Director and became the CMD of Syndicate Bank. He is a qualified chartered accountant and started his banking career in June 1987 as a Credit Manager in Dena Bank.