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CBI arrests Syndicate Bank CMD

Posted on Aug 02 2014 | IANS

New Delhi, Aug 2 : The CBI Saturday arrested S.K. Jain, chairman and managing director of the state-owned Syndicate Bank, along with five others for allegedly taking a bribe of Rs.50 lakh, an official said.

Jain was arrested in Bangalore following charges of demanding a bribe to extend credit facilities of some companies, said an official of the Central Bureau of Investigation (CBI).

The others who are arrested included Jain's brother-in-law and a chartered accountant.

Raids were conducted simultaneously at 20 places across Delhi, Bangalore, Bhopal and Mumbai, said the official.

"The amount of Rs.50 lakh has been recovered. So far several asset papers and incriminating documents have been found," the official said.

The CBI has registered two cases against Jain for receiving the bribe and breaking the rules and regulations of the bank.

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