Syndicate Bank’s Chairman-cum-Managing Director SK Jain was arrested on Saturday on the charges of taking bribe for allegedly increasing the credit limit of some companies against to the banking rules.
CBI arrested SK Jain and five others for reportedly taking bribe of Rs 50 Lakh. We hear that CBI officials have been tracking Jain for the last six months on direction from CBI director Ranjit Sinha. CBI registered two cases against Jain accusing him or receiving bribe of Rs 50 Lakh and misusing his official position to raise the credit limits of few firms violating bank rules.
CBI reportedly recovered cash to the tune of Rs 21 lakh from Jain’s residence besides gold worth Rs 1.68 crore and Fixed deposits upto Rs 63 lakh. CBI alleged that the conduit was the brother-in-law of the CMD SK Jain and the deal was struck by the chartered accountant who has started his own firm of providing loans to big corporate houses.