The Central Bureau of Investigation (CBI), which is investigating the LIC housing finance, informed the special CBI court that they have unearthed names of two more companies who were allegedly beneficiaries in the scam.
CBI counsel Ejaz Khan informed the special court on Monday while seeking further custody of CEO of LIC housing finance Ramchandran Nair and seven others, who are arrested for their alleged involvement in a cross-country housing loan racket. Khan argued that in addition to the previous known beneficiary companies, the names of two more companies — BJN Hotels and Mercators Lines Ltd — have also come to the fore.
A special judge extended the custody of Nair and seven others till December 3. The CBI sought further custody of the eight accused saying that they had committed a “white collar crime” and the “whole nation’s economy was at stake”.
Khan argued that a huge corruption was unearthed wherein the figures are high. “Five of the accused, who are public servants and trustees of public money, indulged in nefarious activities,” argued Khan.
“One of the accused RN Tayal after receiving money from Rajesh [Sharma] showed official favours to these two companies,” added Khan.
CBI also told the court that , “Nair after receiving money from Rajesh sanctioned loans of Rs 200 crore to D B Realty and Mantri Realty each”.
The CBI further alleged that the officials colluded with the private firm to sanction large scale corporate loans, over riding mandatory conditionsfor such approvals along with other irregularities. They were also gathering confidential business information from financial institutions.
On November 24, the CBI had arrested Nair, Naresh Chopra, secretary (Investment), LIC, RN Tayal, general manager of Bank of India (Delhi), Maninder Singh Johar, director of Central Bank of India, Venkoba Gujjal, deputy GM of Punjab National Bank (Delhi).
Rajesh Sharma, CMD of city-based firm Money Matters and two of its employees were also arrested. Special CBI court extended their custody saying the investigation is at a crucial stage and further scrutiny is needed.