Kumar was arrested at the Mumbai airport soon after he arrived from Delhi. He allegedly wanted the position as member (electrical), which falls vacant on July 1.
“The new post would have given him the power to influence advanced signalling and telecom contracts worth Rs. 2,300 crore,” a CBI officer, who didn't wish to be identified, said.
The deal was allegedly struck for Rs. 2-crore and Rs. 90 lakh was the first instalment.
The railway board is the highest decision-making body of the Indian Railways. Bansal was unavailable for comment despite repeated attempts by HT to contact him.
Manjunath, who appeared to have “mobilised the money” on behalf of Kumar, has also been named in the FIR along with one Sandeep Goyal.