CBI files charge-sheets in housing loan scam

The Central Bureau of Investigation has filed charge-sheets before a special court in bribery cases, totalling to nearly Rs 10 million, against top former bank and insurance officials involved in a multi-crore-rupee housing loan scam last year, an official said here today.

The Central Bureau of Investigation has filed charge-sheets before a special court in bribery cases, totalling to nearly Rs 10 million, against top former bank and insurance officials involved in a multi-crore-rupee housing loan scam last year, an official said here Tuesday.

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The accused include LIC (Life Insurance Corporation) Housing Finance's former CEO Ramchandra Nair, Life Insurance Corporation secretary (investments) Naresh Chopra, Bank Of India's former general manager R.N. Tayal, private financial services company Money Matters India Pvt Ltd's chairman-cum-managing director Rajesh Sharma (all from Mumbai) and Punjab National Bank's deputy general manager Venkoba Gujjal, (New Delhi).

The four have been charged under various sections of the Indian Penal Code and Prevention of Corruption Act, 1988, for allegedly accepting bribes of Rs 4.50 million, Rs 1.60 million, Rs 2.50 million and Rs 7,50,000, respectively.

The companies which allegedly got bank funds against kickbacks include Ashapura Minechem, BGR Energy, Lavasa Corp, DB Realty, Suzlon, Mantri Realty, JSW Power, Sigrun, Entertainment World, Indore City Treasures.

Sharma and his associates were accused of bribing senior officials of public sector banks and financial institutions to facilitate corporate loans. The CBI investigated the case in Mumbai, New Delhi, Chennai, Kolkata, Jaipur and Jalandhar.

During the course of the investigations which were launched in November 2010, the CBI had nabbed these officials as well as other officials involved in the scam.

The agency also filed the four charge-sheets within the mandatory one-year period, the official said.