02 August 2014

Pin It

Syndicate Bank CMD SK Jain Arrested by CBI for taking Bribe Rs. 50 Lakh

Syndicate Bank CMD SK Jain Arrested by CBI for taking Bribe Rs. 50 Lakh

CBI today arrested Chairman-cum- Managing Director of Sydicate Bank, S K Jain and five others for allegedly taking bribe of Rs 50 lakh for enhancement of credit limit to some companies bypassing rules and regulations

Others arrested included CMD's brother-in-law and a Chartered Accountant.

The CBI has filed two FIRs against S.K. Jain, which also name Neeraj Singhal, vice-chairman and managing director of Bhushan Steel, among others.

The FIRs also name the chartered accountant, Pawan Bansal, Jain’s relatives Vineet and Puneet Godha, Purushottam Totlani, who was allegedly handing over the bribe, Ved Prakash Agarwal, the head of Prakash Industries, Vijay Pahuja and Pankaj Bansal.

CBI has filed two cases against him for allegedly receiving bribe of Rs 50 lakh and "fraudulently bypassing" rules and regulations to enhance credit limit of two companies which have been involved in a coal scam.

Media reported that CBI had recovered Rs 21 lakh in cash, gold ornaments worth Rs 1.68 crore and fixed deposit certificates up to Rs 63 lakh from Jain’s residence.

CBI had been monitoring the CMD for the last six months before arresting him today in Bangalore.

Jain, a qualified as a chartered accountant started his banking career in June 1987 as a Credit Manager in Dena Bank

He became CMD of Syndicate Bank on July 8, 2013. Prior to assuming charge as CMD, he was Executive Director of Bank of Baroda.

Reality views by sm –

Saturday, August 02, 2014

Tags – CBI Arrest Syndicate Bank Chairman-cum- Managing Director S K Jain