The Central Bureau of Investigation had been tracking the eight people it arrested over the last two years by keeping tabs on their email exchanges and telephone calls, sources in the agency said.
The CBI on Tuesday arrested at least eight officials of public sector banks and financial institutions for allegedly taking bribes from financial services firm Money Matters, to grant corporate loans. Three employees of Money Matters, which allegedly worked for real estate firms, are among those arrested. The CBI registered the first information report in the case on November 22.
P Kandaswamy, head of CBI’s Mumbai zone (II) said the investigating agency’s action was based on information gathered covertly over the last two years. “In today’s world, technology allows us to gather information without being obtrusive,” he said.
Sources in the CBI said the agency tracked the phone calls and email accounts of the accused to gather information on them before arresting them. The CBI has not disclosed details about people who have been granted loans because it may hamper investigations.
“There are lots of them,” Kandaswamy said, referring to the alleged beneficiaries of the scam. When asked if real estate companies have benefited from the racket, Kandaswamy said: “It could be builders, hospitals, real estate [companies]. These are concerning corporate loans which involve big amounts.”
The CBI said top and middle management officials of public sector banks and financial institutions had been receiving illegal gratifications from private financial services firms acting as mediators for corporates seeking loans and other facilities from financial institutions.